On average, the cost of a cyber attack in 2018 was $3.86 million, which is a tremendous amount … and it was only the average!?
From new, emerging technologies to advanced security vulnerabilities … cyber-attacks are steadily growing more and more extreme than anything we’ve seen in the past. It’s true that no-one is “safe” and in actuality, no-one ever was.
The Ponemon Institute conducted a global data breach study that found the average cost of a data breach in 2018 was a staggering $3.86 million, and the mean (global) value of stolen or compromised sensitive and confidential data was $148 per record! When compared to the same figures from a similar study in 2017 … the average breach cost and individual record value both increased by 6.4% and 4.8%, respectively.
Within their study, cost-per-breach averages were broken-down by country, with the United States and Middle East leading the pack at $7.91 and $5.31 million per breach incident. At the other end of the spectrum was Brazil and India who averaged $1.24 and $1.77 million per breach, respectively.
After the fact, post-breach response activities include: help desk activities, inbound communications, special investigative activities, remediation, legal expenditures, product discounts, identity protection services, and regulatory interventions … and according to the study, these costs averaged $1.76 million in the United States and $1.47 million in the Middle East.
When it comes to the average per capita cost of a breach, the United States and Canada ranked highest overall at $233 and $202. Canada actually had the highest direct cost at $81, while the United States had the highest indirect cost at $152 per compromised record.
Direct costs refer to expenses laid-out to accomplish activities that include engaging with forensic experts, hiring a law firm, or offering identity protection services to affected victims
Indirect costs represent employee time, effort, and other organizational resources spent notifying victims, investigating the incident, general loss of confidence/goodwill and customer churn
The Ponemon study also showed that in 2018, affected companies took between 69 and 197 days to recognize that they - or their environment - had been breached. Agility was key in minimizing the overall costs, and when companies were better prepared to catch and contain breaches within 30 days, it could save them more than $1 million.
Generally speaking, cybercriminals around the world are getting smarter about how they adopt and leverage the tools available to them. Since last year, attacks have become more numerous, damaging, and sophisticated ... which causes a feedback loop where cyber-security awareness and information security investments also steadily increase to try and keep pace.
Seeking and finding the correct security solution to protect your company’s most valuable information assets and data does not have to be complex, distressing, task ... nor must it consume excessive, additional IT resources, time, or money.
DataStealth is a revolutionary approach to data security – one that can truly achieve what virtually all the other available data security technologies can not. It actually prevents hackers from accessing and stealing sensitive data. Isn’t that too bold of a claim? Not at all. In fact, we’ll be bolder. Had DataStealth been used instead of more traditional solutions, most companies that have been breached would not have had their most valuable asset stolen ... their data.
The average global cost of a data breach in 2018 was a whopping $3.86 million ... that’s HUGE