The average time to identify and contain a breach was reduced to 277, ten days less than last year.
#Ponemon cost of a data breach 2020 software
Like last year, the most common initial attack vectors are compromised credentials (19%), phishing (16%), cloud misconfiguration (15%), and vulnerabilities in third-party software (13%).And as in 2021, the industries coming in next are financial, pharmaceuticals, technology and energy. Healthcare is still the industry with the highest average data breach cost.
For the 12 th year running, the US has the highest average data breach cost out of all countries and regions, at $9.44 million. To sum it up, move to the cloud, but do it securely. The good news is that companies with high-level cloud migration and mature cloud security saw an average breach cost of just $3.87 million. This should not scare companies away from the cloud, however. Companies reporting a high level of cloud migration saw higher breach costs, at $5.63 million on average, compared to companies with a low level of cloud migration ($3.36 million). Cloud migrationĬloud migration is necessary for companies to continue to scale, grow and transform for the future, but it is associated with higher breach costs. Understaffed organizations report data breach costs of $550,000 more on average, and 62% of orgs say they are not sufficiently staffed. The much-publicized cyber skills gap affects orgs’ bottom line when applied to the cost of a data breach. Organizations with over 80% of employees working remotely saw breach costs average $5.10 million, while those with 20% or fewer working remotely spent $3.99 million on average in a breach. The greater the percentage of employees working remotely, the higher the data breach costs. Remote work saves orgs money in real estate costs, but it’s associated with higher data breach costs. Given that ransom payments now commonly approach $1 million, companies should seriously assess whether paying the ransom will be worth it in the end. The difference was just $630,000, which doesn’t include the cost of the ransom payment. Ransomware attacks take longer to identify and contain than the overall average, at 326 days.Īn interesting point when it comes to ransomware is that companies who paid the ransom saw only slightly lower overall breach costs than companies who didn’t pay. Ransomware makes up a greater portion of breaches this year, at 11% as opposed to 7.8% of breaches last year. Ransomwareīreach costs for ransomware incidents have declined slightly, from $4.62 million in 2021 to $4.54 million this year, but are still higher than the overall average cost of a breach ($4.35 million). That’s because 60% of organizations surveyed said they raised the price of their goods and services because of their data breach. 
What is interesting, however, is that IBM suggests that the frequency and high cost of data breaches could be a factor in the rising prices of goods and services. It’s no surprise that data breaches, like everything else, keep getting more expensive. Prices are rising everywhere and the cost of a data breach is no exception.Īccording to the new IBM/Ponemon Cost of a Data Breach report, the average global overall cost of experiencing a data breach is now at an all-time high of $4.35 million, a 13% increase over the past two years. This is nearly 100x more expensive than the majority of breaches studied in the report (which ranged from 1,000-100,000 records).IBM Cost of a Data Breach Report: What You Need to Know Mega breaches: Average cost of a mega breach was $401 million, for breaches between 50 million and 65 million records.Time to respond: The average time to detect and contain a data breach was 287 days (212 to detect, 75 to contain), which is one week longer than the prior year report.By country/region: The US had the most expensive data breaches at $9.05 million per incident, followed by Middle East ($6.93m) and Canada ($5.4m).While lower in overall costs, retail, media, hospitality and the public sector experienced a large increase in costs vs. By industry: Data breaches in healthcare were most expensive by industry ($9.23m), followed by the financial sector ($5.72m) and pharmaceuticals ($5.04m).The average cost of a compromised credentials data breach was $4.37m (circa £3.25m).20% of all data breaches were caused by credentials being compromised.That represents a 10% increase in cost year-on-year.Average cost of a data breach in 2021 was $4.24m (circa £3.15m).
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