How much does a data breach cost?
This blog article summarizes a few key points from research conducted by the Ponemon Institute. This report published by IBM Security - studied 537 real breaches across 17 countries and 17 different industries.
Largest cost increase in seven years
Total data breach cost increased from $2.86 million in 2020 to $4.24 million in 2021. That increase represents a 9.8% increase. The cost of a data breach has increased by 11.9% since 2015.
Healthcare had the highest data breach cost for the eleventh year in a row
The average data breach total cost for health care increased form $7.12 million in 2020 to $9.23 million in 2021, a 29.5% increase. Energy dropped from the second most costly industry to fifth place, decreasing in cost from $6.39 million in 2020 to $4.65 million in 2021(27.2% decrease).
Media had the highest percentage increase in cost from 2020
Top five industries that experienced large cost increases include media, public sector, hospitality, retail and consumer.
Lost business accounts for the highest category of data breach cost
Lost business costs include: business disruption and revenue losses from system downtime, cost of lost customers and acquiring new customers, reputation losses and diminished good will.