A recent study conducted by IBM provides some context to the same old story that you hear in the news of big bad breaches and how scary they are for your business. The Cost of a Data Breach Study by Ponemon puts numbers to these stories.
The average cost of a breach increased this year by 6.4%. The cost of a data breach varies greatly by country, with the United States average breach price coming in at $7.91 Million and per capita costing $233.
Australia’s cost of a breach is less than the US, but Aussies are far from getting off free. The average cost of a breach is $1.99 million and the per capita cost averages at $108,000.
The study also explored the main factors that were found to affect the cost of a breach, stating 5 major factors that could make the difference between a manageable breach vs a mega breach.
1. The loss of customers following a breach
2. The size of the data breach
3. The time it takes to identify and contain a breach
4. Management of detection costs
5. Management of the costs
TCT has tools to assist with this and using them can decrease the cost of a breach. Contact our sales team for further details.
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