Personal Finance. Money. Investing.

A Data Breach Could Cost Your Business £98 Per Individual Record

Posted: 23rd June 2017 by
Finance Monthly
Share this article

This week, IBM Security and Ponemon Institute released the annual Cost of a Data Breach report.

This year’s report found that the UK experienced a decrease in the cost of a data breach, from £2.53 million in 2016, to £2.48 million in 2017. The average cost per lost or stolen record in the UK is estimated at £98.

Key points from the study include:

  • Incident Response Leads to Significant Cost Savings: For the third year in a row, the study found that having an Incident Response team in place significantly reduced the cost of a data breach, saving $19.30 USD per lost or stolen record.
  • Containment Speed Is Critical: The cost of a data breach was nearly $1 million lower on average for organizations that were able to contain a data breach in less than thirty days compared to those that took longer than 30 days.
  • Room for Improvement: On average, organizations took more than 6 months to identify a breach, and more than 66 additional days to contain a breach once discovered.
  • By Industry, Healthcare Breaches Most Costly: For the 7th year in a row, healthcare has topped the list as the most expensive industry for data breaches. Healthcare data breaches cost organizations $380 per record, more than 2.5 times the global average across industries ($141 per record.)
  • Top Factors Increasing Cost of a Breach: The involvement of third-parties in a data breach was the top contributing factor that led to an increase in the cost of a data breach, increasing the cost $17 per record.
  • Top Factors Reducing Cost of a Breach: Incident response, encryption and education were the factors shown to have the most impact on reducing the cost of a data breach. Having an incident response team in place resulted in $19 reduction in cost per lost or stolen record, followed by extensive use of encryption ($16 reduction per record) and employee training ($12.50 reduction per record).

IBM has also created a “Cost of a Data Breach Calculator,” which can use below.

(Source: IBM)

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram