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The financial damage caused by a data breach has spiked by more than 6 percent since last year and now costs companies an average of $3.86 million each, according to a new study.
Aside from expensive technical investigations and regulatory filings, a breach also includes hidden costs such as lost business, negative impact on reputation, and employee time spent on recovery, according to a new report by the Ponemon Institute.
The 2018 Cost of Data Breach Study, sponsored by IBM Security, found that the average cost for each lost record rose from $141 to $148, an increase of nearly 5 percent. Healthcare organizations had the highest costs associated with a lost or stolen record, at $408 — three times higher than average.