The 2018 Cost of a Data Breach Study: Global Overview, in its 13th year, reported that the global average cost of a data breach is $3.86 million, up 6.4% from last year. The average cost, globally, for “each lost or stolen record containing sensitive and confidential information” is also up from last year, landing at $148 — a 4.8% increase from last year. Data breaches are also only getting bigger; the average size of breaches, based on the companies that were surveyed, increased by 2.2% year over year.
Some countries are faring much, much better than others. The US had an average data breach cost of $7.91 million, while Brazil had an average data breach cost of $1.24 million.
It was also found that South Africa, at 43%, “has the highest probability of experiencing a data breach,” while Germany, at 14.3%, “has the lowest probability of having a future data breach.” The two factors used to determine this measurement were: “the size of the data breach reported in this year’s research” and “where the organisation is located.”
Time it takes to identify a breach
Another interesting measure the study took was the mean time it took companies in the study to identify a data breach, and the mean time it took companies in the study to contain a data breach: 197 days and 69 days, respectively. On top of that, “companies that contained a breach in less than 30 days saved over $1 million vs. those that took more than 30 days to resolve.” This backs up the common thought that more money will be saved if a breach is identified and contained quickly.
Cybersecurity solution providers often use that reasoning to sell their services. According to this study, they have a point.
“The average cost of a breach for organisations that fully deploy security automation is $2.88 million,” reads the study. Without such automation, the study’s estimated cost is $4.43 million.
Source: Digital Journal