ARTICLE
2 August 2021

$4.24M Now The Average Cost Per Data Breach!

FL
Foley & Lardner

Contributor

Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With over 1,100 lawyers in 24 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical and beneficial to their businesses.
DarkReading.com reported that "Data breach costs have reached a new record high of $4.24 million per incident, representing a 10% increase from the year prior...
United States Privacy

DarkReading.com reported that "Data breach costs have reached a new record high of $4.24 million per incident, representing a 10% increase from the year prior — the largest single year cost increase in the last seven years."  The July 28, 2021 report entitled "Data Breach Cost Hits Record High of $4.24M" refers to the IBM- Ponemon Institute annual Cost of Data Breach Report 2021 which included these comments after studying "537 real breaches across 17 countries and regions and 17 different industries....In the course of nearly 3,500 interviews":

Data breach costs rose from $3.86 million to $4.24 million, the highest average total cost in the history of this report.

Costs were significantly lower for some of organizations with a more mature security posture, and higher for organizations that lagged in areas such as security AI and automation, zero trust and cloud security.

I am sure no one is surprised about this bad news!

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More