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.
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BY THE NUMBERS
2018 Cost of a Data Breach Study Overview
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.
