Ponemon Institute’s 2017 Cost of Data Breach Study reported the average cost of a data breach globally to be $3.62 million, a ten percent decline from 2016 findings. Even with the decline, the amount spent in defense of these breaches in 2018 is expected to reach $93B globally.
The decline in global data breaches did not occur in the US however. The average cost of a data breach in the US was $7.35 million, a five percent increase from 2016. Those US industries most affected were healthcare, government, and financial/credit companies.
A recent study of corporate general counsel affirmed that over fifty percent claim primary responsibility for responding to data breaches within their organizations. The speed at which a company can suppress a data breach incident directly impacts its bottom line. The cost of a data breach was nearly $1 million lower on average for those organizations that were able to contain their data breach in less than thirty days.
Last November, Forbes magazine, in their article entitled “60 Cybersecurity Predictions for 2018”, published a compilation of cybersecurity predictions for the upcoming year. The article contained three overarching predictions followed by a host of particularized ones.
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