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Data Breach Study Reveals Average Cost of Data Breach Reaches Record Levels

Ponemon Institute released its annual Cost of Data Breach Study: Global Analysis, sponsored by IBM. According to the benchmark study of 350 companies spanning 11 countries, the average consolidated total cost of a data breach is $3.8 million representing a 23 percent increase since 2013.

The study also found that the average cost incurred for each lost or stolen record containing sensitive and confidential information increased six percent from a consolidated average of $145 to $154. Healthcare emerged as the industry with the highest cost per stolen record with the average cost for organizations reaching as high as $363. Additionally, retailers have seen their average cost per stolen record jump dramatically from $105 last year to $165 in this year’s study. READ MORE…