News

The Cost of a Data Breach is on the Rise, Poneman Institute Study Finds

August 28, 2018
Categories: Cybersecurity

Year after year, the cost of data breaches rises, and more consumer records are stolen. According to Poneman Institute’s “2018 Cost of a Data Breach Study,” the average total cost of a data breach reached $3.86 million in 2017. That comes out to be $148 per lost or stolen record.

For a comprehensive overview of the data protection environment, Poneman Institute interviewed more than 2,200 IT, data protection, and compliance professionals from 477 companies that have experienced a data breach over the past 12 months. They found that the average total cost of a data breach, the average cost for each lost or stolen record, and the average size of data breaches have all increased since the release of the 2017 report.

The likelihood of a breach within the following 24 months of a breach was reported at 27.9 percent. Of the 15 countries or regions surveyed, South Africa has the highest probability of experiencing a data breach (43 percent) while Germany has the lowest (14.3 percent).

The mean time to identify a breach was 197 days, and the mean time to contain a breach was 69 days. The survey found that companies that contained a breach in less than 30 days saved over $1 million in comparison to those that took more than 30 days to resolve.

 

Read the full report here.

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