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:
Average cost of a data breach of 1 million compromised records is nearly $40 million dollars
At 50 million records, 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.