The Ponemon Institute 2014 Cost of Data Breach Study was recently released. According to the research, the average total cost of a data breach has increased 15% over the previous year. The average cost paid for each lost or stolen record containing confidential information has increased more than 9% (from $136 in 2013 to $145). Remember that this was a global study and the costs are averages. Costs in the US are much higher at around $201 per record lost or stolen. Can your organization afford this?
The same study also lists four factors that significantly reduce the cost per record. A CISO (or position responsible for information security) reduces the cost by $6.50 per record. A good business continuity management and incident response plan reduce the cost further by around $20 per record. Last and the most cost savings (of approximately $14 per record) are achieved by a strong security posture. So given this data, is investing in information security worth it to your organization?
If you need help in building an effective information security program, please contact us.