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Average Cost of a Data Breach is Rising

By June 10, 2019Blog, IT Services

the average cost of a data breach is rising - cybersecurity

Research conducted by antivirus program provider, Kaspersky, indicates that the average cost of experiencing a data breach has risen significantly for most businesses worldwide. A survey of over 6500 IT decision makers from organizations based in a total of 29 countries revealed that the average cost of a data breach increased to $1.23 million for enterprises and $120,000 for SMBs. These upturns represent a 24 percent upsurge for the former and 36 percent for the latter. The numbers are even greater for both segments for North American companies.

Data breaches were found to have cost enterprises in North America on average $1.6 million, and for SMBs in both the US and Canada the average was $149,000. However, in both cases the 2017 average was already higher than that of the global rates – network breaches were found to be generally more expensive for North American companies then in the rest of the world, regardless of size.

Several factors have led to these cost increases, but one of the primary reasons is the growing complexities in developing and managing IT infrastructures. More technologically advanced systems provide greater value by delivering mobility and scalability that allows businesses to meet emerging trends and address modern pain points.

However, new technologies also bring their own potential vulnerabilities when not managed effectively. Cloud-hosted systems in particular provide both benefits and potential gaps to address, as leveraging cloud computing to transfer and manage data offers significantly improved flexibility, but also may create additional entry points for determined attackers to exploit.

Cloud software and other emerging trends provide your organization with new opportunities to generate value and ensure positive ROI on your technology investments, but security concerns must always be taken into account when implementing networked systems. Until loopholes and bugs are fully patched, your IT infrastructure will always be at risk of an attempted or successful breach, unless you implement the right solution for managing your network.

data privacy

 

The price of regularly maintaining your infrastructure can be much cheaper than all of the costs associated with experiencing a network breach. Multiple factors can significantly affect this amount, including legal concerns such as punitive actions from regulatory agencies or lawsuits seeking damages for loss of privacy if client data is stolen in the attack. Data privacy regulations are progressively becoming stricter in response to the level of network breaches that have occurred in recent years and leaving personal client information at risk can bring serious financial penalties.

Network breaches can end up costing you more than managed services, especially when it comes to your IT infrastructure. To learn more, check out our white paper, Why Price is the Wrong Criteria for Choosing an MSP.

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