Data breaches can cost companies millions of dollars, as well as drive customers right out the door and to a competitor. It is very important to invest in personnel and software that can mitigate the risk of becoming a victim of a data breach.
IBM and the Ponemon Institute are out with a study that tracks the cost of data breaches to companies. We wanted to be sure to share some of the findings with you.
The average cost of each lost or stolen record increased from $201 to $217. The total average cost paid by organizations to fix data breaches increased from $5.9
million to $6.5 million.
Industries with the highest data breach costs include the following:
These industries are affected the most due to the fact that they are highly regulated. The main causes of the data breaches include the following reasons:
Beyond added costs, losing customers is a very real possibility if you end up having issues with hackers. Companies experiencing less than 1% churn had an overall
organizational data breach cost of $5.5 million. Those with higher churn (greater than 4%) spent $12.7 million on data breach issues.
For more information on how our Cloud Firewall solutions can help your organization to prevent data breaches, please check out more information about our services.