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Cost of a Data Breach Reaches Record High

By: C Spire Staff on Aug 29, 2018 11:00:29 AM

Digital security lockA 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.

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The 2018 Cost of Data Breach Study, sponsored by IBM, found that the average cost for each lost record increased nearly 5 percent in 12 months, from $141 to $148. Healthcare saw the highest cost associated with a lost or stolen record, at $408.
 

BY THE NUMBERS

2018 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%: 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% 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. Reach out today and discover the weak entry points that are most likely to be exploited by attackers.

Contact our Cybersecurity Consulting Group at ask@cspire.com.

Topics: cybersecurity, Industry News


CONSIDER IT MANAGED. C Spire Business is the nation’s first full-stack managed solutions provider, capable of offering advanced connectivity, cloud, software, hardware, communications, professional services, cybersecurity, business continuity, and technology support in a single, seamless IT solution portfolio. The result is smarter. Faster. More secure. From desktop to data center, we meet you wherever you are and take on your biggest technology challenges.

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