Thomas Barrabi reports:
The typical consumer data breach costs compromised businesses millions of dollars, with expenses rising exponentially for incidents on par with those that affected Equifax or Facebook in recent years, according to new research from IBM Security and Ponemon Institute.
On a global scale, the average data breach exposes 25,575 sensitive consumer records and carries a total cost of $3.92 million, according to IBM’s 2019 “Cost of a Data Breach” report. Breaches are even more expensive for U.S.-based firms, which face an average cost of $8.19 million per cyberattack. For so-called “mega breaches” of more than 50 million records, such as Facebook’s Cambridge Analytics scandal, average costs rose to $388 million in 2019.
Read more on Fox Business.
For the IBM report, see their site. Note that while the average total cost of a breach is $3.92 million, if that breach is in the healthcare sector, the average cost is $6.45 million, they report.