With roaring costs, the U.S. is the most vulnerable nation to a data breach.
Nothing can shake a business like data breach.
According to the IBM Security 2018 Cost of a Data Breach Study, conducted by Ponemon Institute and IBM Security, the global average cost of a data breach is up 6.4% from last year, to $3.86 million.
The report highlights that average cost for each lost or stolen record containing sensitive and confidential information also increased by 4.8%.
48% of all breaches in this year’s IBM Security study were caused by malicious or criminal attacks.
Bitdefender, an anti-virus software firm, found ransomware payments hit $2 billion during 2017, twice as much as in 2016. So who lost more?
U.S. and the Middle East: More at stake
The average incident in the U.S. comes with a price tag of $7.91 million. These were generally caused by criminal activity or human error.
Notification costs for organizations were also the highest in the United States, closing in at $740,00.
Data breaches in the Middle East could cost up to $5.31 million, following the U.S. on the countries that lose more after a data breach.
Canada ($4.74m), Germany (4.67m), France (4.27m), United Kingdom ($3.68), Italy ($3.43m), Japan ($3.38), South Africa ($2.,88), Australia ($2.53m) are the top 10 regions and countries to lose at the time of an incident.
The lowest average total cost were for Brazil ($1.24m) and India ($1.77m). The highest average per capita costs were $233 in the United States and $202 in Canada.