IBM’s Cost of a Data Breach Report 2022 (IBM Report) was recently released, and suggests that the cost of data breaches continued to rise to an all-time high—in fact, the average total cost of a data breach was USD 4.35 million in the past year of the study (March 2021–March 2022).
Data breaches costed companies $4.24 million per incident on average–the highest cost in the 17-year history of the report. It turns out that security incidents became more costly (10 percent more than last year) and more difficult to contain due to drastic operational shifts during the pandemic.
Is your IT department ready for more stringent privacy laws? On the heels of the federal government’s bill to modernize federal privacy laws (that is, the Digital Charter Implementation Act, 2020 ), the Ontario government has declared the federal bill inadequate. Consequently, on June 17, 2021, the Ontario government issued a whitepaper entitled Modernizing Privacy in Ontario, initiating further public dialogue on its proposals to improve privacy protection.