The Institutes

Report: US Has The Highest Average Cost For Data Breaches

 Friday, July 31, 2020

 Insurance Business

More than 8.5 billion records were compromised in data breaches in the span of one year ending April 2020, and the average cost of a mega-sized data breach was $3.86 million, a new report by IBM has found.

IBM’s annual Cost of a Data Breach report is conducted by the Ponemon Institute. The report is based on the analysis of 17 multinational companies that experienced a data breach involving the loss or theft of one million or more records.

The global average cost of a data breach that affects over a million records is $3.86 million, the report revealed.

In terms of individual countries and regions, the US has the highest average cost for data breaches, at $8.64 million.

The Middle East came in second, with an average cost of $6.52 million. Canada is the third highest, with $4.5 million.
TechnologyExcess & Surplus Lines
BROWSE RELATED NEWS ARTICLES

Nearly 2B Data Records Compromised In First Half Of 2017

 Monday, September 25, 2017

 Canadian Underwriter

U.S. Data Breaches Hit All-Time High

 Friday, January 20, 2017

 ibamag.com

Personal Data Of Over 49M Californians Breached In Last Four Years

 Thursday, February 18, 2016

 Canadian Underwriter

Greatest Cause of Data Breaches Is Human Error

 Friday, May 15, 2015

 Bloomberg BNA

Most Data Breaches Due to Human Error, but Malware, Spyware Most Expensive

 Monday, September 22, 2014

 Canadian Underwriter

Study indicates average cost of data breach increases to $3.7 million

 Thursday, October 11, 2012

 Canadian Underwriter

Data Dump

 Tuesday, March 15, 2011

 Claims Advisor