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
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
