Do you have an extra $4M laying around?
Ponemon Institute interviewed 2,200 security professionals around the world, from 477 companies. They shared some staggering numbers on identifying and containing data breach incidents as well as the financial consequences:
Million Dollars : Average total cost of a data breach
Dollars : Average cost of lost or stolen or record
Days : The mean time to identify (MTTI)
Days : The mean time to contain (MTTC)
- Companies that contained a breach in less than 30 days saved over $1 million vs. those that took more than 30 days to resolve
- If the average time to identify a breach (MTTI) was under 100 days, the estimated average total cost of a data breach was $3.11 million.
- If it was over 100 days, the estimated cost was $4.21 million, representing $1.1 million additional cost.
The study examined several factors which helped increased or decreased the cost of data breaches
- Having an incident response team was the top cost saving factor, reducing the cost by $14 per compromised record
- The use of an AI platform for cybersecurity reduced the cost by $8 per lost or stolen record
- Companies that indicated a "rush to notify" had a higher cost by $5 per lost or stolen record
You can download the complete Cost of a Data Breach Study at: https://www.ibm.com/security/data-breach.