Yesterday, the Ponemon Institute released the results of a study sponsored by IBM — the 2018 Cost of a Data Breach Study. The findings from this report paint a bleak picture for enterprises facing increasingly sophisticated cyber attacks on their endpoints and databases.
While in 2017 the reported cost of a data breach was $3.62 million, the IBM study found that the new cost is on average $3.86 million—representing an increase of 6.4%. According to Wendi Whitmore, global lead for the IBM X-Force Incident Response and Intelligence Services (IRIS) in a statement to eWEEK: “The fact that the global cost of a data breach rose this year is no surprise, since this figure has risen fairly consistently each year of the report, with the exception of 2017, which was an outlier.”
However, this $3.86 million price tag for a data breach does not apply to what is termed a “mega breach”—in which between 1 million and 50 million records are compromised in a single attack. Depending on the size of the mega breach, an attack of that size can cost an enterprise anywhere between $40 million and $350 million. Even this number doesn’t accommodate outliers like the Equifax breach, which was so massive it was not factored into the study’s average.
The 2018 Cost of a Data Breach Study also found that the time to detect a data breach and the time to contain a breach also increased—to 197 days and 69 days, respectively.
Containing a data breach quickly and decisively is important, but with the right preventative capabilities from a next-gen endpoint security solution, you can stop hackers before they even penetrate your network. Now may be a good time to start looking at your cybersecurity seriously and getting rid of your legacy endpoint security solution.