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Cost Of Data Breaches Increasing To Average Of $3.8 Million, Study Says

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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Man poses in front of on a display showing the word 'cyber' in binary code, in this picture illustration taken in Zenica(Reuters) - The cost of data breaches is rising for companies around the world as sophisticated thieves target valuable financial and medical records, according to a study released on Wednesday. The total average cost of a data breach is now $3.8 million, up from $3.5 million a year ago, according to a study by data security research organization Ponemon Institute, paid for by International Business Machines Corp. The direct costs include hiring experts to fix the breach, investigating the cause, setting up hotlines for customers and offering credit monitoring for victims. Data breaches are becoming more common and significant, with high-profile attacks on Sony Corp, JPMorgan Chase and retailers Target Corp and Home Depot Inc in the past year and a half.




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