The Average Cost of a Data Breach

The Average Cost of a Data Breach

IBM Security and Ponemon Institute have released their study on the average cost of a data breach.

Turns out the cost of data breaches and the volume of records stolen are only going up according to the 13th annual 2018 Cost of a Data Breach Study: Global Overview from IBM Security and Ponemon Institute.

The study reported that the global average cost of a data breach is $3.86 million, up 6.4 percent from last year. The average cost, globally, for each lost of stolen record containing sensitive and confidential information is also up from last year, landing at $148 per record. A 4.8 percent increase from 2017.

The study found that breaches are only getting bigger with the average size of breaches, based on companies surveyed, increased by 2.2 percent year after year.

When broken down by country, the US is leading in the most data breaches, equaling out to $7.91 million. Next is Canada with $4.74 million average cost for data breaches and Germany with $4.67 million. The countries with the smallest average cost was Brazil ($1.24 million) and India ($1.77 million.)

Also included in the study was the amount of time it took for the companies to identify a data breach in their systems. The mean time companies took to identify their breaches was 197 days and 69 days respectively. The study noted that companies that contained their breach within 30 days ended up saving over $1 million vs. those that took over 30 days to resolve the situation.

This is where cybersecurity solution providers come in. The average cost to deploy security automation is $2.88 million, according to the study. Without cybersecurity solutions, a company could risk up to $4.43 million in breach costs.

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

  • Maximizing Your Security Budget This Year

    The Importance of Proactive Security Measures: 4 Stories of Regret

    We all want to believe that crime won’t happen to us. So, some business owners hope for the best and put proactive security measures on the back burner, because other things like growth, attracting new customers, and meeting deadlines all seem more pressing. Read Now

  • Global IT Outage Cause by Faulty Update from Cybersecurity Provider CrowdStrike

    Systems are starting to come back online after a global IT outage on Friday disrupted everything from airline operations to banks and 911 call centers. Read Now

  • Securing the Flow of Operations

    The transportation industry is a complex and dynamic environment where efficient management of physical keys, vehicles and shared devices is critical to ensuring smooth operations, reducing costs and maintaining security. Every day, more transportation facilities are using modern electronic key and asset management systems to better secure, audit and manage the important assets that keep operations running smoothly. Read Now

  • The Recipe for Stadium Security

    The threat landscape of stadium security is fluid. Today’s venues and stadiums have operational security 24/7, hosting sporting events, community events, concerts, conventions and more – each with a unique visitor base and each with unique security risks. Read Now

Featured Cybersecurity

Webinars

New Products

  • A8V MIND

    A8V MIND

    Hexagon’s Geosystems presents a portable version of its Accur8vision detection system. A rugged all-in-one solution, the A8V MIND (Mobile Intrusion Detection) is designed to provide flexible protection of critical outdoor infrastructure and objects. Hexagon’s Accur8vision is a volumetric detection system that employs LiDAR technology to safeguard entire areas. Whenever it detects movement in a specified zone, it automatically differentiates a threat from a nonthreat, and immediately notifies security staff if necessary. Person detection is carried out within a radius of 80 meters from this device. Connected remotely via a portable computer device, it enables remote surveillance and does not depend on security staff patrolling the area. 3

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening. 3

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities 3