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Monday, September 2, 2019
The Increasing Cost of a Data Breach
As the headlines continually demonstrate, data breaches are quickly becoming a prominent problem for organizations of any size and operating in any sector. The bad news, according to IBM’s annual report on the cost of data breaches, is that they are also becoming more expensive.
In 2019, companies can expect to spend $3.92 million on a data breach, a 12% increase in just five years.
With today’s regulatory landscape trending toward consumers, companies can expect these numbers to continue increasing as governments intend to exact financial penalties from organizations that can’t protect their customers data.
Consequently, highly-regulated industries like healthcare and financial services saw the most significant price escalations.
The report is especially troubling for SMBs. IBM concluded that companies with less than 500 employees will still incur losses in excess of $2 million if a data breach occurs, and they can expect these costs to continue to for several years after a breach.
The high cost of a data breach makes cybersecurity partnerships a relatively inexpensive way to protect your organization from the catastrophic consequences that accompany a breach.