Abraham Jewett  |  July 20, 2022

Category: Data Breach

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Young businessman working on a virtual screen of the future and sees the inscription: Data breach.
(Photo Credit: Alfa Photo/Shutterstock)

ForgeRock 2022 Consumer Identity Data Breach Report overview: 

  • Who: Global digital identity company ForgeRock released its 2022 ForgeRock Consumer Identity Breach Report. 
  • Why: The report revealed that the United States is the most expensive place in the world to recover from a data breach with an average cost of $9.5 million. 
  • Where: Data breaches affect companies nationwide. 

The United States is the most expensive place in the world to recover from a data breach, with an average cost in the millions, according to a new report released by global digital identity company ForgeRock. 

ForgeRock revealed in its 2022 ForgeRock Consumer Identity Breach Report that the average cost of recovering from a data breach in the United States is $9.5 million — an increase of 16%. 

The software company also found nearly 25% of all U.S. data breaches were caused by security issues connected with supply chains and third-party suppliers. 

ForgeRock says unauthorized access was the leading cause of data breaches for a fourth consecutive year, making up 50% of all compromised records. 

“This is no time for security teams to let their guard down as cybercriminals are getting even more bold in how they score their next payday,” ForgeRock CEO Fran Rosch says in a statement

Nearly half of all data breach attacks involve login credentials

More than 2 billion data breaches involved usernames and passwords, an increase of 35%, while just around half of all cybersecurity events involved login credentials in some way, according to the report. 

ForgeRock also discovered 60% of all of the records compromised in data breaches contained either an individual’s Social Security number or date of birth — if not both. 

“Exploits that target people’s usernames and passwords to break into organizations are becoming more sophisticated,” Rosch says in the statement. “Now, more than ever, companies need to adopt digital identity and access management solutions that strengthen their security posture without compromising the user experience.”

In related news, Verizon concluded in its 2022 Verizon Data Breach Investigations Report last month that human error was the leading factor in data breaches stemming from cyberattacks. 

The wireless carrier company said it used data from cybersecurity experts, vendors and researchers to get a better understanding of how cyberattacks were being carried out

Similarly, the Federal Bureau of Investigation, the Treasury Department and Cybersecurity and Infrastructure Security Agency warned health care organizations earlier this month not to pay ransoms to North Korean actors following cyberattacks. 

If you were affected, you might qualify to participate in a data breach lawsuit.


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13 thoughts onData breach average cost tops $9.5M, according to report

  1. Terry Thomas says:

    Please add me social security and Driver license exposed

  2. Juanita M Castor says:

    Add me plz

  3. Theresa Brosman says:

    Add me to class action for T-Mobile, Google, snapchat, cash app, Experian, facebook

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