Report: US Has The Highest Average Cost For Data Breaches (Insurance Business)

Report: US Has The Highest Average Cost For Data Breaches

Friday, July 31st, 2020 Excess & Surplus Lines Technology

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.


External References & Further Reading
https://www.insurancebusinessmag.com/us/news/cyber/report-us-has-the-highest-average-cost-for-data-breaches-229321.aspx
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