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Cost of data breaches rises, mega breaches cost up to $350 million

July 13, 2018

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Hidden costs in data breaches – such as lost business, negative impact on reputation and employee time spent on recovery – are difficult and expensive to manage. For example, a new study found that one-third of the cost of mega breaches (over 1 million lost records) were derived from lost business.

Conducted by Ponemon Institute, the 2018 Cost of a Data Breach Study found that the average cost of a data breach globally is $3.86 million, a 6.4 percent increase from the 2017 report. Based on in-depth interviews with nearly 500 companies that experienced a data breach, the study analyzes hundreds of cost factors surrounding a breach, from technical investigations and recovery, to notifications, legal and regulatory activities, and cost of lost business and reputation.

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