Ponemon Institute: The Cost of a Data Breach
In a report released by the Ponemon Institute, the average cost of a data breach has been calculated at $3.86 million - an increase of 6.4% when compared to the previous 12 months.
The figures reported in their “2018 Cost of a Data Breach Study: Global Overview” were the accumulation of interviews with 477 companies who had experienced a data breach over the past 12 months.
You can download and read the full report here.
The overall cost of a breach was calculated around four major points: the cost of detection (such as audit services), notification costs, post data breach responses (which includes legal expenditures and fines imposed by regulatory bodies) and the lost business costs.
As an overview the report found that:
- The average cost of a data breach was $3.68 million.
- The average cost per lost or stolen record was $148.
- US organizations pay highest due to greater customer awareness of data breaches, and thus a larger impact of reputational damage.
- The likelihood of a recurring breach over the next 48 months is 27.9%, a figure that decreases the larger the initial breach was.
- The mean time taken to identify a data breach was 197 days.