With the average cost of data breaches rising each year, WTW has emphasised why governance efforts are critical in cyber risk management.
According to IBM, the global average cost of a data breach has increased by 15 per cent over three years to US$4.45 million in 2023.
Meanwhile, the World Bank has estimated that across the globe, approximately US$5.2 trillion in global value was at risk from cyber attacks during 2019 to 2023. Some 10.5 million records are lost or stolen each month, equalling an approximate 438,000 every hour.
“These events can have very real impacts for complex organisations, with wide ranging risk sources and complex causes and consequences that require a holistic framework and risk approach,” WTW explained.
The potential wider impacts of a cyber attack can include significant recovery costs, reputational damages from the loss of customer confidence and legal ramifications through class action lawsuits raised by those impacted.
“When organisations experience events, a need arises to think beyond single solutions and risk pathways to ensure resources can support wider resilience.”
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