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Security: CyberAttacks Costly to Businesses
The average cost of a data breach today is $3.8 million, according to a study conducted by Ponemon Institute and sponsored by IBM. That’s a 23 percent increase over the costs involved as computed in 2013.
When looked at on an industry basis, Healthcare breaches tended to be most costly, averaging $363 per lost record. The average cost per record of a breach across all industries is $145.
Larry Ponemon, chairman and founder of Ponemon Institute, said that “We found this year that criminal or malicious attacks as the root cause of data attacks is a growing trend. This year, it’s the No. 1 cause of data breaches globally.”
Ponemon said that “Based on our field research, we identified three major reasons why the cost keeps climbing. First, cyber attacks are increasing both in frequency and the cost it requires to resolve these security incidents. Second, the financial consequences of losing customers in the aftermath of a breach are having a greater impact on the cost. Third, more companies are incurring higher costs in their forensic and investigative activities, assessments and crisis team management.”
Ken Westin, a senior security analyst with Tripwire, said that “data is the new digital currency. As businesses and government rush to mine and harvest consumer data for marketing insights, personalization, increased productivity and general business, criminals are increasingly finding ways to steal the data and monetize it for their own ends.”
Laurence Guihard-Joly, general manager of Resiliency Services at IBM Global Technology Services, said recommended that businesses should “conduct a comprehensive assessment of their current security and business resilience posture, focused on impact-based analysis of threats, connect with business strategy, engage the c-suite, prioritize, and make it also a company program where each employee feels in charge of the security and resiliency. Cybercrime will not go away soon. But there are ways to protect yourself.”
