How much can a data breach cost? Potential losses in the millions!

According to data from IBM Security and the Ponemon Institute, the average total cost associated with a data breach is $3.86 million, but in selected industries it can be significantly higher. This applies in particular to the healthcare sector, where the figure is nearly twice as high. Mateusz Piątek, product manager for Safetica at DAGMA Bezpieczeństwo IT, points out that for most, having to bear such costs is a conviction.

The most expensive industries and regions

IBM Security and the Ponemon Institute have published a new edition of their annual report on the costs associated with data breaches. Based on data collected across 17 markets, it was determined that the average total cost of such an incident is $3.86 million, although its amount in each specific case is influenced by a number of factors. The two most important are the country where the breach occurred and the industry in which the organization operates. The highest costs can be faced by companies operating in the United States ($8.64 million) and in the healthcare sector ($7.13 million), respectively.

Poland also at risk

The data included in the report does not cover the Polish market, but as Mateusz Piątek, product manager for Safetica at DAGMA Bezpieczeństwo IT, points out, in Poland too the cost of a data breach can successfully reach several million zlotys.

What determines the cost of a data breach at a company?

- The figures we are talking about here are, of course, dependent on the size of the company and many other factors, but one fact remains unchanged – most of them cannot afford to bear such losses. Implementing appropriate safeguards is the cheaper option, and as a result, in the longer term, a much safer one – explains Mateusz Piątek from DAGMA Bezpieczeństwo IT.

The expert points above all to specialized data loss prevention solutions available on the market (DLP). They help track the flow of data within a company, identify potential sources of incidents and enforce appropriate security policies, significantly reducing the risk of a breach and the costs associated with it.

Summary

The IBM Security and Ponemon Institute report values an average data breach at $3.86 million. Companies in the US ($8.64 million) and organizations in the healthcare sector, where costs reach $7.13 million, have to pay significantly more. Although Poland was absent from the ranking, Mateusz Piątek from DAGMA Bezpieczeństwo IT estimates that losses in Poland could amount to millions of zlotys. The solution is supposed to be DLP-class systems, which control the flow of information and help enforce security policies, reducing the risk of incidents.