According to a new report released by ForgeRock, a global digital identity company, the United States is the most expensive place in the world to recover from a data breach.
According to ForgeRock's 2022 ForgeRock Consumer Identity Breach Report, the average cost of recovering from a data breach in the United States is $9.5 million, a 16 percent increase.
The software company also discovered that nearly 25% of all data breaches in the United States were caused by security issues related to 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 not the time for security teams to relax their guard as cybercriminals become even more daring in how they score their next payday," says ForgeRock CEO Fran Rosch in a statement.
According to the report, more than 2 billion data breach attacks involved usernames and passwords, a 35% increase, while roughly half of all cyber security .
ForgeRock also discovered that 60 percent of all data breaches compromised records contained an individual's Social Security number or date of birth, if not both.
"Exploits that target people's usernames and passwords to break into organisations are becoming more sophisticated," according to Rosch in the statement.
Now, more than ever, businesses must implement digital identity and access management solutions that strengthen their security posture without jeopardising the user experience.
In related news, Verizon concluded last month in its 2022 Verizon Data Breach Investigations Report that human error was the leading cause of data breaches caused by cyberattacks.