The average data breach cost has grown to $4 million, representing a 29 percent increase since 2013, according to the Ponemon Institute.
Cybersecurity incidents continue to grow in both volume and sophistication, with 64 percent more security incidents reported in 2015 than in 2014. As these threats become more complex, the cost to companies continues to rise. In fact, the study found that companies lose $158 per compromised record. Breaches in highly regulated industries like healthcare were even more costly, reaching $355 per record – a full $100 more than in 2013.
“The amount of time, effort and costs that companies face in the wake of a data breach can be devastating, and unfortunately most companies still don’t have a plan in place to deal with this process efficiently,” said Caleb Barlow, Vice President, IBM Security. “While the risk is inevitable, having a coordinated and automated response plan, as well as access to the right resources and skills, will make or break how much a company is impacted by a security event.”