A recent global study by the Ponemon Institute finds that the financial damage caused by a data breach has risen by 6.4 percent in the last year and now costs companies an average of $3.86 million each.
Beyond the expensive investigations and regulatory filings, a breach's hidden costs include lost business, negative impact on reputation, and employee time spent on recovery, according to the study.
The 2018 Cost of Data Breach Study, sponsored by IBM, found that the average cost for each lost record increased nearly five percent in 12 months, from $141 to $148. The healthcare industry saw the highest cost associated with a lost or stolen record, at $408.
By the Numbers from the2018 Cost of a Data Breach Study Overview
$3.86M: Average total cost of a data breach.
6.4%: Average total one-year cost increase.
$148: Average cost per lost or stolen record.
27.9 percent: Likelihood of a recurring material breach over the next two years.
$14 per record: Average cost savings with an incident response team.
$2.88M: The average cost of a breach for organizations that fully deploy security automation.
$1 million: The amount a company saved if a breach was identified in less than 100 days.
48 percent of all breaches in this year’s study were caused by malicious or criminal attack.
$157: The average cost per record to resolve an attack by a malicious or criminal attack.
$131 per record: The cost to resolve a record due to a system glitch; human error or negligence is $128 per record.
C Spire Business’ team of ethical hackers specializes in breaking into networks using the same tactics and techniques as cyber-criminals.
Contact C Spire’s Cybersecurity Consulting Group at email@example.com
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