Cost of data breach increases to an average of $3.8 million

Cost of data breach increases to an average of $3.8 million

According to a study, the cost of data breach is increasing for all the companies all over the world as the sophisticated thieves are now targeting the financial and medical records. According to the Ponemon Institute, the average cost of data breach is $3.8 million currently and was about $3.5 million about a year ago. Its direct cost includes hiring experts for fixing the breach, investigate the cause, setting the hotlines and offering credit-monitoring system for all the victims. It also states that the business lost due to the breach of the customers is even higher. 
The data breaches are becoming a thing that is really very common now with the high profile attacks that occurred on the Sony Corp, JP Morgan Chase, Target Corp and the Home Depot Inc in the earlier years. The Vice President of IBM Security, Caleb Barlow, said that it is happening more due to the organised crime groups that is well – funded and work on all the weekdays. 
IBM is well known to sell cyber security services to companies and highlights the cost of data breaches. The cost of the data breach lost or stolen is about $154 this year and was $145 last year. This study was conducted with 350 companies in about 11 major countries. The target of breach last year was $148 million. It was as high as $363 that is more than $154. This reflects a high relatively value of the medical records of a person that identifies theft.

 

 


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