Ponemon Institute has carried out the largest study on the cost of data breaches and came to a conclusion that the average total cost of a data breach is $3.62 million and the average number of records in a data breach is 24,089.
The study which was carried out on 17 industries including finance, healthcare, technology, retail, says that companies which have incident response teams can save $19 per record which stands out to $457,691 per breach.
Data Breach study by Ponemon Institute says that companies can save $16/record or $385,000 per breach by having data encryption solutions in their data storage environments.
The 2018 data breach study says that the United States witnessed $8.13 million loss in the current year and so is standing tall on the chart, while Brazil was recorded to be at the lowest with just $2.01 million estimated loss from data breaches.
A detailed list of countries which incurred financial losses due to data breaches is as follows
United States-$8.1 million
Germany-$4.7 million
United Kingdom- $3.7 million
Japan-$3.4 million
South Africa- $2.9 million
Australia- $2.5 million
India-$1.8 million
Brazil- $1.2 million
Ponemon Institute survey which was sponsored by IBM says that the United States was the only nation to spend $1.56 million on post data breach response activities which include establishing help desk, inbound communications, special investigative activities, remediation, legal expenditures, product discounts, identity protection services and regulatory interventions.
Note- the calculation of the components of the cost of data breach depends on the following factors-
• The unexpected and unplanned loss of customers following a data breach.
• Number of records lost or stolen during the incident
• Time taken to identify and contain a data breach
• Detection and escalation of the data breach incident
• Costs associated to recover data which also includes the cost to notify victims
The post Cost of data breaches in different countries appeared first on Cybersecurity Insiders.
August 08, 2018 at 11:20AM
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