{"id":6543,"date":"2016-08-12T07:00:09","date_gmt":"2016-08-12T15:00:09","guid":{"rendered":"http:\/\/formtek.com\/blog\/?p=6543"},"modified":"2016-07-04T20:16:12","modified_gmt":"2016-07-05T04:16:12","slug":"security-financial-cost-of-data-breaches-continues-to-soar","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/security-financial-cost-of-data-breaches-continues-to-soar\/","title":{"rendered":"Security: Financial Cost of Data Breaches Continues to Soar"},"content":{"rendered":"<p>Data breaches continue to confound businesses. \u00a0A <a href=\"http:\/\/www.zdnet.com\/article\/data-breach-average-costs-hit-4-million-mark\/\">new survey by Ponemon and sponsored by IBM<\/a> finds that the cost of breaches continues to soar, up 29 percent from last year. \u00a0Other findings from the report include:<\/p>\n<ul>\n<li>On average it takes 201 days to identify a breach and another 70 days to eliminate it.<\/li>\n<li>Breaches identified in less than 100 days have an average cost of $3.23 million, while breaches that take longer to find average $4.38 million in cost.<\/li>\n<li>The biggest cost of a data breach is lost business due to a loss of trust.<\/li>\n<li>The more regulation in the industry, the higher the costs. \u00a0Healthcare and financial services have breaches that are the most expensive.<\/li>\n<li>Breaches due to criminal and malicious intent generally are the most difficult to identify.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/securityintelligence.com\/author\/larry-ponemon\/\">Larry Ponemon<\/a>, chairman and founder of the Ponemon Institute, <a href=\"https:\/\/www-03.ibm.com\/press\/us\/en\/pressrelease\/49926.wss\">said that<\/a> &#8220;data breaches are now a consistent &#8216;cost of doing business&#8217; in the cybercrime era,&#8217;.\u00a0The evidence shows that this is a permanent cost organizations need to be prepared to deal with and incorporate in their data protection strategies.&#8221;<\/p>\n<p><a href=\"http:\/\/www.rsaconference.com\/speakers\/daniel-miessler\">Daniel Miessler<\/a>, director of advisory services for IOActive <a href=\"http:\/\/www.scmagazineuk.com\/ibm-ponemon-study-data-breach-costs-rising-now-28-mil-per-incident\/article\/503186\/\">told SCMagazineUK.com that<\/a> \u201cthe worst kind of reputation damage comes not from incidents, but from the appearance of incompetence or negligence. These are the feelings in customers or investors that can truly harm a company&#8217;s value over time as it relates to data breach. \u00a0In short, breaches are not all the same, and therefore do not affect companies the same. 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