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Traverse City, MI – 05 May 2014 — /BackupReview.info/ — Today Ponemon Institute released its ninth annual Cost of Data Breach Study: Global Study, sponsored by IBM (NYSE: IBM). According to the study of 314 companies spanning 10 countries, the average total cost of a data breach increased 15 percent in the last year to $3.5 million Local currencies were converted to U.S. dollars for comparison purposes.. The study also found that the cost incurred for each lost or stolen record containing sensitive and confidential information increased more than nine percent to $145.
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The ninth annual study involved the collection of detailed information about the financial consequences of a data breach. For purposes of this research, a data breach occurs when sensitive, protected or confidential data is lost or stolen and put at risk. Ponemon Institute conducted 1,690 interviews with IT, compliance and information security practitioners representing 314 organizations in the following 10 countries: United States, United Kingdom, Germany, Australia, France, Brazil, Japan, Italy, India and, for the first time, the Arabian region (a consolidation of organizations in the United Arab Emirates and Saudi Arabia).
“The goal of this research is to not just help companies understand the types of data breaches that could impact their business, but also the potential costs and how best to allocate resources to the prevention, detection and resolution of such an incident,” said Dr. Larry Ponemon, Chairman and Founder of Ponemon Institute. “This year’s Cost of Data Breach Study also provides guidance on the likelihood an organization will have a data breach and what can be done to reduce the financial consequences.”
All those interviewed are knowledgeable about their organization’s data breach and the costs associated with resolving the breach. All participating organizations experienced a data breach ranging from a low of approximately 2,400 to slightly more than 100,000 compromised records, which identifies the individual whose information has been lost or stolen in a data breach.
“Clearly, cybersecurity threats are a growing concern for businesses, especially when we consider how persistent data has become in the age of cloud and mobility,” said Kris Lovejoy, General Manager, IBM Security Services Division. “A data breach can result in enormous damage to a business that goes way beyond the financials. At stake is customer loyalty and brand reputation.”
The following are key takeaways from the Global Cost of Data Breach Study:
Consistent with previous Cost of Data Breach studies, the most common cause of a data breach is a malicious insider or criminal attack. In this year’s study, we asked companies represented in this research what worries them most about security incidents, what investments they are making in security and the existence of a security strategy. Following are some of the key findings:
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