Average data breach costs $7.35M: 7 research insights

U.S. companies report the average cost to recover from a data breach is $7.35 million, a 4.7 percent increase from last year, according to a Ponemon Institute report.

For the IBM Security-sponsored report, Ponemon Institute conducted interviews with executives from 63 U.S. companies in 16 industries about the costs they incurred after experiencing a data breach.

Here are seven report insights.

1. On average, 28,512 records were breached per incident.  

2. Data breaches cost companies an average of $225 per compromised record.

3. The two industries with the highest data breach costs were health ($380 per capita) and financial ($336 per capita).

4. It took an average of 206 days for an organization to identify a data breach and 55 days to contain the data breach.

5. If an organization detected a breach in fewer than 100 days, the total cost was $2.71 million less than if the breach had been detected after 100 days.

6. Fifty-two percent of organizations said their data breach was caused by a malicious or criminal attack. System glitches and human error accounted for the remaining 48 percent of data breaches.

7. Data breaches lost companies an average of $4.03 million, up from $3.32 million in 2016.

Click here to view the full report.

More on health IT:

MGMA poll: Only 6% of healthcare professionals use data collected by patient wearable devices

Texas HHSC privacy breach may affect 1.8k individuals

Oracle releases cloud-based eClinical platform

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars