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“Cost of a Data Breach Report” – our analysis

Introduction

Each year, an important study is performed by the Ponemon Institute that is sponsored by IBM Security. The report generated from the study is known as the Cost of a Data Breach Report, and the 2019 publication of the report is the 14th edition. 

The results of the report are important for security professionals everywhere. They offer a detailed analysis of how much cybercrime and data loss cost an organization. The report output covers a multitude of industries and gives a glimpse into the type of attack areas and vectors which generate these costs. This is invaluable when calculating the financial burden of data loss in an organization. This evidence can then be used to justify cybersecurity spending and focus your efforts in the right areas.

Here, we’ll take a look at some of the highlights of the report.

The Cost of a Data Breach Report findings 2019

The report is based on interviews with 507 organizations around the world. The results reflect the situation in terms of the costs of a data breach between July 2018 and April 2019. 

Key findings include:

Average costs of a data breach

The likelihood of an organization experiencing a data breach in the next two years is around 30%. This chance has increased steadily, year-on-year, since 2014. How much these breaches cost in 2019 is staggering. The average cost on a global basis is:

  • The 2019 average cost of a data breach is $3.92 million per incident
  • This is a small increase of 1.3% on the 2018 figure. In the Infosec analysis of the 2018 report, we found an increase of 6.6% on the 2017 figures
  • The cost of a “mega-breach”
    • 1 million+ lost data records — $42 million
    • 50+ million records lost — $350 (Read more...)

*** This is a Security Bloggers Network syndicated blog from Infosec Resources authored by Susan Morrow. Read the original post at: http://feedproxy.google.com/~r/infosecResources/~3/TeQBZfZQhQw/