Data breach costs also rose from USD 3.86 million to USD 4.24 million, the highest average total cost in the 17-year history of this report.
Among top concerns cited are misconfigurations and regulatory compliance failures. This year’s research study looked closely at the impacts of regulatory compliancefailures. Out of a selection of25 cost factors thateither amplify or mitigate data breach costs, compliance failures was the topcost amplifying factor.
Average cost of a breach at organizations with high level compliance failures. The study examined the difference in “longtail costs” in breaches at organizations in highly regulated industries versus those in industries with less stringent data protection regulations. Highly regulated industries defined to include energy, healthcare, consumer goods, financial, technology, pharmaceuticals, communication, public sector and education. Organizations in retail, industrial, entertainment,
media, research services, and hospitality were considered to be in a low regulatory environment. In the analysis of industries in the high versus low regulation categories, we concluded that regulatory and legal costs may have contributed to higher costs in the years following a breach.
Kyle Brasseur, Editor in Chief of Compliance Week highlights key topics
from Compliance Week 2022. Among them, DOJ Criminal Division head Kenneth Polite Jr. delivered a keynote address at Day 2 of the Conference with an emphasis on COO empowerment.
As noted, the ambitious SEC is just getting started - Two months removed from game-changing rule proposals regarding cybersecurity incident reporting and climate-related disclosures, the Securities and Exchange Commission (SEC) isn’t resting on its laurels. As the pace is picking up on policy innovation, leaders need to find a way to keep up. They also held Compliance Week’s first-ever executive leadership think tank, which featured forward-thinking compliance, risk, and governance practitioners exchanging ideas without fear of attribution.
From the lingering effects of the COVID pandemic, supply chain disruptions, and the impacts of the Russian conflict, there is no shortage of challenges facing today's leadership teams. As organizations worldwide seek to leverage the competitive advantages and advanced capabilities of new and emerging technologies, a critical success factor is an effective governance strategy and approach.
IBM has been an SAP Global Platinum partner for 48 years and is one of the most rewarded partners, with 36 SAP Pinnacle Awards. If you are planning a migration to cloud or SAP S/4HANA, IBM has a full-service portfolio available with IBM Services to take you from planning to post-migration optimization, leveraging standardized methodologies built on thousands of successful migrations.
IBM is the trusted, full lifecyclepartner for your SAP systems -Applications, Solutions and
Conveying the best of IBM Servicesand Technology and combiningwith the best of our Ecosystems
1. Need to innovate. Nearly 70% of IT decision makers say it’s imperative to focus on innovative solutions to business problems. By embracing technologies, such as AI, the IoT and blockchain, IT teams can better use SAP to develop new products, new ways of interacting with customers and new process efficiencies.
2. Line-of-business influence. Business leaders are taking a greater role in directing IT investments, with less than half of businesses relying solely on IT to fund technology purchases. As businesses embrace digital transformation, business users are demanding that SAP business processes and data be transformed to yield greater value.
3. Value of data. More than 50% of CEOs say intelligent analytics is their top driver of growth. “SAP databases can provide a wealth of unique insight,” according to Frost & Sullivan. “A range of departments and partners will benefit if SAP databases, on premises and in the cloud, can be accessed by powerful analytics engines.”
4. Drive for IT flexibility. Nearly 65% of IT decision makers use the cloud to reduce their hardware and software maintenance burden, while another 61% use it to increase IT agility. By maintaining traditional SAP deployments, you’re consuming IT resources that could be better diverted to more strategic initiatives.
5. Power of SAP HANA. With SAP discontinuing support for the SAP Business Suite with traditional databases in 2027, many businesses are accelerating their decision to migrate to SAP S/4HANA, “thus enabling them to benefit from the flexible and powerful cloud-based SAP platform immediately,” say Frost & Sullivan.
Benefits of IBM Cloud
As SAP discontinues support for SAP Business Suite in 2027, there’s even more urgency to develop and execute on a strategic migration plan towards SAP S/4HANA. IBM Cloud is uniquely positioned to support your SAP migration efforts with the help of industry-leading SAP certified business partners. These experts have extensive professional service options for SAP workload assessment, migration planning and migration to the cloud.