This Is How Much a 'Mega Breach' Really Costs

ronjor · Jul 11, 2018

Kelly Sheridan 7/11/2018

The average cost of a data breach is $3.86 million, but breaches affecting more than 1 million records are far more expensive.
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guest · Nov 15, 2018

Massive Data Leaks Keep Happening Because Big Companies Can Afford to Lose Your Data
November 15, 2018
https://motherboard.vice.com/en_us/...se-big-companies-can-afford-to-lose-your-data

Bad guys keep getting smarter, experts say. Why not corporations? The short answer is, because it's not worth their trouble.
Small potatoes
Companies take risks to make profits. When the downside is small, they stay risky.

The 2018 Cost of a Data Breach Study [...]
The 477 companies studied had between 1,000 and 100,000 employees, with annual revenues from $100 million to more than $25 billion. [...] To these companies, the cost of a breach "is a rounding error," [...]

Executives focus on things that make a big difference to the company. Breach and protection costs are so small that they get little attention.
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guest · Jul 23, 2019

IBM Study Shows Data Breach Costs on the Rise; Financial Impact Felt for Years
July 23, 2019
https://newsroom.ibm.com/2019-07-23...s-on-the-Rise-Financial-Impact-Felt-for-Years

IBM (NYSE: IBM) Security today announced the results of its annual study examining the financial impact of data breaches on organizations. According to the report, the cost of a data breach has risen 12% over the past 5 years and now costs $3.92 million on average. These rising expenses are representative of the multiyear financial impact of breaches, increased regulation and the complex process of resolving criminal attacks.

In the study, companies with less than 500 employees suffered losses of more than $2.5 million on average – a potentially crippling amount for small businesses, which typically earn $50 million or less in annual revenue.
Click here to view the full 2019 Cost of a Data Breach Report.
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guest · Oct 27, 2019

Middle East data breaches cost $6m each, says new report
October 27, 2019
https://www.arabianbusiness.com/tec...st-data-breaches-cost-6m-each-says-new-report

The Middle East ranks as the world’s second-highest cost of data breaches, at $6 million for each one, according to a recent report by the Ponemon Institute.

The report revealed that organisations in the region face a wide range of data breach issues – including the world’s highest average number of breached records, at 38,000 per incident, and an average data breach costing $5.97m, both figures about 50 percent higher than the global average
At $5.97m, the Middle East’s average data breach cost was topped only by the United States with $8.19m. The region also landed the world’s longest length in the data breach lifecycle, with a mean average of 381 days.
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guest · Mar 31, 2020

2019
Cost of Data Breaches
March 30, 2020
https://lifars.com/2020/03/cost-of-data-breaches/

Data breaches can cause devastating financial losses and affect an organization’s reputation for decades. To get the accurate cost on data breaches is not an easy task considering the increased cybercrime each day. There has been a 12 percent increase in data breaches over the past 5 years.
The Bigger data breaches incurring Higher Costs
The statistic, as per IBM and the Ponemon Institute’s annual “Cost of a Data Breach” report, will likely be one of the most alluded across the cybersecurity landscape when it comes to putting a price tag on the costs associated with a breach.
This report analyses the cost of data breach reported by 507 organizations across 16 geographies and 17 industries and highlights the average total cost of a data breach as USD 3.92 million.

“The answer ultimately depends on the country and industry but in general, can span anywhere from $1.25 million to $8.19 million.” says digitalgaurdian
Data breaches are getting more expensive with their increased range.
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IBM: How much would a data breach cost your business?

The 2019 Cost of a Data Breach Report explores financial impacts and security measures that can help your organization mitigate costs
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Cost of a Data Breach Report highlights
USD 3.92 million
Average total cost of a data breach
United States
Most expensive country: USD 8.19 million
Healthcare
Most expensive industry: USD 6.45 million
25,575 records
Average size of a data breach
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guest · Jul 29, 2020

2020
Data breach average cost pinned at US$3.89M
Down slightly from US$3.92 million a year prior
https://www.reseller.co.nz/article/681741/average-cost-data-breach-pinned-us-3-89m/

The financial impact of global data breaches is down from last year, a new study has found.

Gauged over responses from 524 companies, the average total cost of a data breach in 2020 globally was priced at US$3.89 million, down slightly from US$3.92 million a year prior.
This breaks down to US$146 per lost or stolen record, according to IBM Security’s 2020 edition of the Cost of a Data Breach Report.
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The healthcare, energy and financial industries saw the largest average total data breach cost, at US$7.13 million, US$6.39 million and US$5.85 million, respectively.
Malicious attack breaches were also the most financially heavy, costing organisations on average US$4.27 million, as opposed to system glitches, at US$3.38 million, and human error, at US$3.33 million.
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IBM: What’s New in the 2020 Cost of a Data Breach Report

IBM: How much would a data breach cost your business?

The 2020 Cost of a Data Breach Report explores financial impacts and security measures that can help your organization mitigate costs
Click to expand...

Cost of a Data Breach Report highlights
USD 3.86 million
Average total cost of a data breach
United States
Most expensive country: USD 8.64 million
Healthcare
Most expensive industry: USD 7.13 million
280 days
Average time to identify and contain a breach
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EASTER · Jul 29, 2020

Mind boggling stats but not at all unexpected given the willy nilly attitudes prevalent in industry and government until it sucks them to the bottom bucket in their bottom line.

And RISK? Given the OPTIONS for solid security and backup availabilities for systems it borders on a "matter of time" before some bad actor pierces in and does a vacuum job if they think to skip adequate protections.

guest · Jul 28, 2021

Cost of data breach hits record high during pandemic: IBM report
July 28, 2021
https://www.livemint.com/technology...uring-pandemic-ibm-report-11627464382657.html

Data breaches cost companies $4.24 million per incident on an average, according to the findings of the latest IBM Security report, the highest cost in the 17-year history of the report.

Based on analysis of real-world data breaches experienced by over 500 organizations, the study suggests that security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic, with costs rising 10% compared to the prior year.
In India, the average total cost of data breach was ₹165 million in the 2021 study, an increase of 17.85% from 2020.
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IBM: What’s New in the 2021 Cost of a Data Breach Report

How Much Does a Data Breach Cost in 2021?
In the 2021 study, the average total cost of a data breach increased by nearly 10% to $4.24 million, the highest ever recorded. Moreover, costs were even higher when remote working was presumed to be a factor in causing the breach, increasing to $4.96 million.
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