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Global research firm, Statista, projects IoT spending will surpass $1 trillion by 2023. But before you get lost in the cloud of opportunity, it’s critical to stay grounded. The average cost of a data breach in 2020 was $3.86 million globally. That figure increased 9.8 per cent year-on-year in Australia, priced at $3.35 million, a sobering fact to consider. Add to this, malicious attack breaches were more financially heavy, costing organisations across the globe on average $3.74 million instead of system glitches, at $2.90 million, and human error, at $2.82 million.