Current Filter: Security>>>>>News>

   

This year's study examines the costs incurred by 39 UK-based companies from 12 different industry sectors following the loss or theft of protected personal data. Some 49% of incidents involved a malicious or criminal attack and 23% experienced system glitches, including a combination of both IT and business process failure; 28% of organisations reported human error or employee negligence as the root cause.

The study also found that the average cost incurred for each lost or stolen record containing sensitive and confidential information increased six percent from a consolidated average of $145 to $154. Healthcare emerged as the industry with the highest cost per stolen record with the average cost for organizations reaching as high as $363. Additionally, retailers have seen their average cost per stolen record jump dramatically from $105 last year to $165 in this year’s study.

“Based on our field research, we identified three major reasons why the cost keeps climbing,” said Dr Larry Ponemon, chairman and founder, Ponemon Institute. "First, cyber attacks are increasing both in frequency and the cost it requires to resolve these security incidents. Secondly, the financial consequences of losing customers in the aftermath of a breach are having a greater impact on the cost. Thirdly, more companies are incurring higher costs in their forensic and investigative activities, assessments and crisis team management.”