Data breach costs increasing, as companies left clueless

Data breaches are becoming more common and are even costly for companies trying to keep data secure - and bounce back from any type of data breaches.

Published May 5, 2014 10:38 PM CDT   |   Updated Tue, Nov 3 2020 12:17 PM CST
0 minutes & 41 seconds read time

The average cost of a data breach to U.S. companies averaged $3.5 million and is a 15 percent increase year-over-year, according to a new study conducted by the Ponemon Institute and sponsored by IBM. Each lost record reportedly cost $201 each, an increase from $188 per record in 2013, as cybercriminals find success targeting select industries.

Data breach costs increasing, as companies left clueless | TweakTown.com

Not only are companies finding data breaches to be more costly, but retailers need to worry about customers possibly leaving if a security issue occurs. Everything from university and medical records to debit and credit card information have value among criminals, trying to steal information which can later be exploited, sold, or traded in underground forums.

From the Ponemon press release: "As a preventive measure, companies should consider having an incident response and crisis management plan in place. Efficient response to the breach and containment of the damage has been shown to reduce the cost of breach significantly. Other measures include having a CISO in charge and involving the company's business continuity management team in dealing with the breach."

An experienced tech journalist and marketing specialist, Michael joins TweakTown to cover everything from cars & electric vehicles to solar and green energy topics. A former Staff Writer at DailyTech, Michael is now the Cars & Electric Vehicles News Reporter and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

Newsletter Subscription

    Related Tags

    Newsletter Subscription
    Latest News
    View More News
    Latest Reviews
    View More Reviews
    Latest Articles
    View More Articles