Access and Feeds

Security: Data Breaches Grow More Frequent and More Costly

By Dick Weisinger

Several new reports on the occurrence and impact of data breaches find that breaches are becoming more frequent and more costly. An excellent report by Audit Analytics summarizes data on breaches over the past decade.

A report from Ponemon sponsored by IBM found that:

  • The average cost of a data breach is now $3.86 million.
  • US businesses are hit hardest with an average cost per breach of $8.64 million
  • The healthcare industry averages the highest costs at $7.13 million
  • It takes on average 280 days from when the breach is identified to when it is finally contained.

The Audit Analytics report found that breaches at large public companies can be very expensive. The average for the larger companies is $116 million. Although some massive data breaches skew this number upwards, like the $5 billion spent by Facebook and $2 billion by Equifax.

Created by ComplianceWeek based on data from Audit Analytics
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