IBM Reveals High Cost Of Data Breaches
IBM and the Ponemon Institute are out with a new study: Hidden Costs of Data Breaches Increase Expenses for Businesses – Study for First Time Calculates the Full Cost of “Mega Breaches,” as High as $350 Million. Among key findings:
- The average cost of a data breach of 1 million compromised records is nearly $40 million dollars
- At 50 million records, the estimated total cost of a breach is $350 million dollars
- The vast majority of these breaches (10 out of 11) stemmed from malicious and criminal attacks (as opposed to system glitches or human error)
- The average time to detect and contain a mega-breach was 365 days – almost 100 days longer than a smaller scale breach (266 days)
In response, IT security experts commented below.
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