Data breaches are expensive for banks, merchants, and consumers, but just how costly are they? A new report from Ponemon Institute breaks down today’s security landscape in its new ‘Cost of Data Breach Study’. We pulled out some of the highlights and interesting facts below.
Let’s start with the good news…The study shows the global average cost of a data breach is $3.62 million – down 10% compared to previous years. The not so good news? The average size of the data breach, according to this research, increased 1.8%.
The cost of a breach is dependent on many factors, including location. There were significant increases in the cost for organizations in the Middle East, United States and Japan, while organizations in Germany, France, Australia and the UK reduced costs associated with responding to and remediating the breach.
Data breaches are the most expensive in the U.S and Canada
The cost of a breach depends on the industry
The U.S spends the most on post data breach responses
Detection and Escalation
More records lost, the higher the breach costs
Hackers and criminal attacks biggest cause of breaches
Organizations across the globe face the continuous threat of data breaches and hacks each year. But as the report shows, the cost of a breach is dependent on many factors and differs for each organization across different sectors.
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