The average total cost to a company that suffers a data breach has risen to $3.79 million per instance — up 23 percent over last year — according to the latest study by IBM and the Ponemon Institute.
Lost business resulting from reputation damage was cited as the most severe financial consequence to an organization.
Because of the rising cost and number of data breaches, more C-level executives have begun considering IT security a larger business risk. “While in the past, senior executives and boards of directors may have been complacent about the risks posed by data breaches and cyberattacks, there is a growing concern about the potential damage to brand reputation, class-action lawsuits and costly downtime that is motivating executives to pay greater attention to the security practices of their organizations,” the study found.
The number one question on C-level executives minds? “Why did IT fail to stop the data breach?”
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