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MOUNTAIN VIEW, Calif. –Mar. 20, 2012 –/BackupReview.info/– Symantec Corp. (Nasdaq: SYMC) and the Ponemon Institute today released the findings of the 2011 Cost of Data Breach Study: United States, which reveals negligent insiders are the top cause of data breaches while malicious attacks are 25 percent more costly than other types. The study also found organizations which employ a chief information security officer (CISO) with enterprise-wide responsibility for data protection can reduce the cost of a data breach by 35 percent per compromised record. The organizational cost of a data breach was $5.5 million last year. The seventh annual Ponemon Cost of a Data Breach report is based on the actual data breach experiences of 49 U.S. companies from 14 different industry sectors.
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“This year’s report shows that insiders continue to pose a serious threat to the security of their organizations,” said Francis deSouza, group president, Enterprise Products and Services, Symantec Corp. “This is particularly true as the increasing adoption of tablets, smart phones and cloud applications in the workplace means that employees are able to access corporate information anywhere, at any time. It is essential for companies to put the proper information protection policies and procedures in place to counterbalance these new realities.”
Additional key findings from the report include:
“One of the most interesting findings of the 2011 report was the correlation between an organization having a CISO on its executive team and reduced costs of a data breach,” said Dr. Larry Ponemon, chairman and founder of the Ponemon Institute. “As organizations of all sizes battle an uptick in both internal and external threats, it makes sense that having the proper security leadership in place can help address these challenges.”
The U.S. Cost of a Data Breach Study was derived from a detailed analysis of 49 data breach cases with a range of nearly 4,500 to 98,000 affected records. It takes into account a wide range of direct business costs, including engaging forensic experts, outsourcing hotline support and providing free credit monitoring subscriptions and discounts for future products and services. Indirect costs include in-house investigations and communication, as well as the extrapolated value of customer loss resulting from turnover or diminished acquisition rates. The average cost of a data breach does not apply to catastrophic breaches (study excludes data breaches of more than 100,000 records) given they are not typical of those experienced in the United States. Companies analyzed were from 14 different industries, including finance, retail, healthcare, services, education, technology, manufacturing, research, transportation, consumer, hotels and leisure, media, pharmaceutical and communications.
Symantec recommends the following information protection best practices:
Companies can analyze their own risk by visiting Symantec’s Data Breach Risk Calculator. Based on seven years of trend data, the calculator takes into account an organization’s size, industry, location and security practices to estimate how much a data breach would cost on both a per record and organizational basis. It is available at http://www.databreachcalculator.com.
About the Ponemon Institute
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Forward-looking Statements: Any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change. Any future release of the product or planned modifications to product capability, functionality, or feature are subject to ongoing evaluation by Symantec, and may or may not be implemented and should not be considered firm commitments by Symantec and should not be relied upon in making purchasing decisions.
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