Industries in the USA suffer more data infringement cases that hemorrhaging cash than any other countries.
According to the new IBM report, the average data breach costs an astounding $3.92 million.
The 2019 price of a data breach study has just been made public by IBM Security. As a result of increasing compliance and complex and long-term settlement procedures, the organization estimated that the average cost of information breaches has risen 12 per cent since 2014.
500 people, varying in size and sector are surveyed at the Ponemon Institute. Half (49%) of the accidents were caused by human error and system failures. According to IBM’s X-Force Risk Intelligence Report, the incorrect installation of the servers caused more data to be destroyed in 2018 than any other variable.
On the other hand, malicious attacks cost more than $1 million at average and they are more frequent than unintended triggers. Over the past six years, cyber crime-driven incidents have grown from 42% to 51%.
“Cybercirme means a huge money for cyber criminals, and this sadly means a big risk to companies,” said Wendi Whitmore, IBM X-Force Incident Response and Intelligence Services global leader. “In the last three years alone, companies suffering loss or theft of more than 11.7 bn of documents need to be aware of the full financial impact an information infringement can have on them – and how they can minimize such cost.” SMBs suffered massive losses of an average of $2.5 million, up to 5% of annual revenues. Americans lost double that of their international counterparts (8.19 million USD). For the ninth year in a row, health care was the big loser.
Nevertheless, there are positive aspects for companies that take additional safety measures.
The Survey found that businesses with an incident response team and UNBLOCK WEBSITES rigorous incident reaction assessments lost 1,23 million dollars less than their peers. The life cycle of the breach was over nine months (279 days) on average, but the businesses that handled the breach saved 1,2 million dollars within 200 days. According to IBM, authentication has reduced the overall costs of the breach by $360,000.
It is obvious to see from the statistics that safety measures can play a significant role in protecting businesses from data breach issues and thereby saving their costs. Using VPN services to encrypt critical or VPN sensitive business information while surfing the Internet is one of the effective safety measures that is taken my many businesses.