How much does a data breach cost? + How to prevent it (Best practices)

How much does a data breach cost? + How to prevent it (Best practices)
 

By some estimates, close to 30 percent of businesses in the United States will experience a data breach.


Security breaches are becoming an everyday occurrence. A sense of violation, losing private information, and the frustration of being a victim of theft are just the tip of the iceberg with data breaches. In recent years, companies like British Airways and Marriott have spent tens of millions of dollars in the wake of data breaches.


While these behemoth companies represent the extreme in calculating the cost of a data breach, this definitely does not mean that data breaches are inexpensive.



Factors That Affect the Cost of Data Breaches


They estimate the direct and indirect cost of data breaches to average around $4 million per breach. This figure includes the time and effort used to deal with the breach, recovering from adverse publicity, loss of customers, and regulatory fines.


In 2020, the average size of a data breach worldwide was 25,575 records. The United States had an average breach size of approximately 32,400 records. It’s estimated that in the United States the money lost per record averages out to $242. In 2018, nearly 471 million records were exposed in the U.S.


 


There are some factors that can affect these costs, including the steps an o ..

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