The average cost of a data breach has increased 23 percent from 2013, according to the Ponemon Institute's annual Cost of Data Breach Study: Global Analysis report. Here are six things to know.
1. The average consolidated cost of a data breach is now $3.8 million.
2. The healthcare industry has the highest cost per stolen record at an average of $363.
3. Board involvement following a data breach can reduce costs by $5.50 per record. Insurance protection can reduce the cost by $4.40 per record.
4. The most expensive breaches occur in the United States and Germany.
5. Nearly half of breaches included in the study, 47 percent, were the result of malicious or criminal attacks.
6. The costs associated with lost business following a breach have risen from $1.23 million in 2013 to $1.57 million in 2013. On the other hand, notification costs have fallen from $190,000 to $170,000.