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Data strike word on abstract broken effect background for digital business concept and technology
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According to a new study by IBM Security and the Ponemon Institute, businesses experiencing data breaches exceeding one million records will suffer losses of $ 42 million.
Those in the rare situation of breaking more than 50 million records will lose about $ 388 million.
According to the study, the cost of a data breach has increased by more than 12% in the last five years and now costs an average of $ 3.92 million. IBM said the increase in spending was the result of continued financial impact of violations – lasting more than a year, increased regulation and the complex process of resolving criminal attacks.
For the first time in this annual survey, the report explains in detail how the financial implications of data breach can be felt for years. It shows that on average 67% of data breach costs are generated in the first year following a violation, 22% in the second year and 11% of costs more than two years after the violation.
According to Larry Ponemon, president and founder of the Ponemon Institute, in the first year, much of the cost is attributed to forensic science to determine the cause and consequences of the violation on the organization.
"The main cost drivers that can extend over two years or more are the legal defense and the fines badociated with the offense. Reputation costs due to customer renewal can also be generated over a longer life cycle of two years or more, "he said.
For the ninth consecutive year, health care organizations recorded the highest cost of a violation, averaging nearly $ 6.5 million, more than 60% more than other health care sectors. l & # 39; study. This means that while losing more records will cost you more, other factors are at stake, including the sector and the nature of the data lost.
"Health care, for example, where lost records are richer, has both the highest cost per record lost or stolen and the highest overall cost of a data breach. This is likely due to the sensitive nature of personal health information (PHI), the wealth of each registration and the regulatory landscape of the health sector, "said Limor Kessem, security advisor at IBM Security.
"Every lost or stolen record in the healthcare industry costs businesses an average of $ 429, while a loss of data in other sectors costs an average of $ 150 per registration. In the financial sector, the average cost was also above average, at $ 210 per lost or stolen file, "he added.
As a general rule, companies that lose more sensitive information will see their costs increase and will be subject to more severe penalties and regulatory fines.
At the same time, there are also regional differences, the average cost of a breach in the US $ 8.19 million, more than double the global average.
Kessem explained that it was because the United States was generally one of the most targeted countries in terms of cybercrime activity.
"Therefore, violations suffered by US companies may be more sophisticated and complex to resolve, and they are also generally more important in terms of the number of records lost," he said.
In the United States, the cost of lost business represented a huge cost to beaches: $ 4.5 million – more than half the total cost of a violation in the United States and more than double the cost of doing business lost reported in other regions.
"This business cost loss includes factors such as customer turnover, business disruption and downtime, as well as costs related to employee reputation and productivity. to name a few, "said Kessem.
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Data strike word on abstract broken effect background for digital business concept and technology
Getty
According to a new study by IBM Security and the Ponemon Institute, businesses experiencing data breaches exceeding one million records will suffer losses of $ 42 million.
Those in the rare situation of breaking more than 50 million records will lose about $ 388 million.
According to the study, the cost of a data breach has increased by more than 12% in the last five years and now costs an average of $ 3.92 million. IBM said the increase in spending was the result of continued financial impact of violations – lasting more than a year, increased regulation and the complex process of resolving criminal attacks.
For the first time in this annual survey, the report explains in detail how the financial implications of data breach can be felt for years. It shows that on average 67% of data breach costs are generated in the first year following a violation, 22% in the second year and 11% of costs more than two years after the violation.
According to Larry Ponemon, president and founder of the Ponemon Institute, in the first year, much of the cost is attributed to forensic science to determine the cause and consequences of the violation on the organization.
"The main cost drivers that can extend over two years or more are the legal defense and the fines badociated with the offense. Reputation costs due to customer renewal can also be generated over a longer life cycle of two years or more, "he said.
For the ninth consecutive year, health care organizations recorded the highest cost of a violation, averaging nearly $ 6.5 million, more than 60% more than other health care sectors. l & # 39; study. This means that while losing more records will cost you more, other factors are at stake, including the sector and the nature of the data lost.
"Health care, for example, where lost records are richer, has both the highest cost per record lost or stolen and the highest overall cost of a data breach. This is likely due to the sensitive nature of personal health information (PHI), the wealth of each registration and the regulatory landscape of the health sector, "said Limor Kessem, security advisor at IBM Security.
"Every lost or stolen record in the healthcare industry costs businesses an average of $ 429, while a loss of data in other sectors costs an average of $ 150 per registration. In the financial sector, the average cost was also above average, at $ 210 per lost or stolen file, "he added.
As a general rule, companies that lose more sensitive information will see their costs increase and will be subject to more severe penalties and regulatory fines.
At the same time, there are also regional differences, the average cost of a breach in the US $ 8.19 million, more than double the global average.
Kessem explained that it was because the United States was generally one of the most targeted countries in terms of cybercrime activity.
"Therefore, violations suffered by US companies may be more sophisticated and complex to resolve, and they are also generally more important in terms of the number of records lost," he said.
In the United States, the cost of lost business represented a huge cost to beaches: $ 4.5 million – more than half the total cost of a violation in the United States and more than double the cost of doing business lost reported in other regions.
"This business cost loss includes factors such as customer turnover, business disruption and downtime, as well as costs related to employee reputation and productivity. to name a few, "said Kessem.
