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It is estimated that the average cost of a data breach will be over $150 million by 2020, with the global annual cost forecast to be $2.1 trillion. [2] [3] As a result of data breaches, it is estimated that in first half of 2018 alone, about 4.5 billion records were exposed. [4]
According to the Cost of a Data Breach Survey, [3] in which 49 U.S. companies in 14 different industry sectors participated, they noticed that: 39% of companies say negligence was the primary cause of data breaches; Malicious or criminal attacks account for 37 percent of total breaches. The average cost of a breach is $5.5 million.
Example: Consider a data value of €1,000,000, with an attack probability of 15% and an 80% chance of a successful breach. The potential loss is €1,000,000 × 0.15 × 0.8 = €120,000.
The data breach last month that MGM Resorts is calling a cyberattack is expected to cost the casino giant more than $100 million, the Las Vegas-based company said. MGM said that reservations and ...
Data breaches are happening at an alarming rate as more and more data is stored in the cloud. In 2023, 82% of breaches involved data stored in the cloud, according to an IBM report as reported by ...
In 2016, researcher Sasha Romanosky estimated that while the mean breach cost around the targeted firm $5 million, this figure was inflated by a few highly expensive breaches, and the typical data breach was much less costly, around $200,000. Romanosky estimated the total annual cost to corporations in the United States to be around $10 billion.
The breach compromised the information of as many as 2.9 billion ... The average cost for health insurance has jumped to $8,435/year — but just a few minutes can help you find more affordable ...
[34] [35] Other costs include loss of consumer confidence and trust in the company, loss of business, decreased productivity, and exposure to third-party liability. [35] Notably, the type of data that is leaked from the breach has varying economic impact. A data breach that leaks sensitive data experiences harsher economic repercussions. [36]