The one that is apparent is the cost of a cybersecurity breach is rising. A new report from IBM finds the cost of a data breach has risen 12% over the past 5 years, which now on average costs $3.92 million. The report also notes that companies with less than 500 employees suffered losses of more than $2.5 million on average. Data breach costs in the U.S. are on average highest at $8.19 million, more than double the worldwide average.
Based on data collected by the Ponemon Institute on behalf of IBM, the report also reveals that 67% of the costs incurred by a data breach are realized within the first year. Another 22% are accrued in the second year, while the remaining 11% is incurred more than two years after a breach.
The survey does note, however, that organizations that have a dedicated incident response team that has been tested are able to consistently minimize the cost of a data breach. Organizations with an incident response team that also extensively tested their incident response plan experienced cost that were on average $1.23 million less than others, so clearly there is a demonstrable ROI that can be attributed to cybersecurity. The challenge cybersecurity teams face is gathering their own set of metrics to prove the case in t ..
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