It's getting more expensive to experience a data breach. The average total cost of a data breach increased 15% in the last year to $3.5 million, reports Ponemon Institute, in a report sponsored by IBM and covering the experiences of 314 companies spanning 10 countries. The study also found that the cost incurred for each lost or stolen record containing sensitive and confidential information increased more than 9% to $145.
However, the survey also found that a strong security posture was critical to decreasing the cost of data breach. On average, companies that self-reported they had a strong security posture were able to reduce the cost by as much as $14 per record. The involvement of business continuity management reduced the cost of data breach by an average of almost $9 per record. The appointment of a Chief Information Security Officer (CISO) to lead the data breach incident response team reduced the cost of a breach by more than $6.
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