What would a data breach do to your company?

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The landmark 2019 Cost of a Data Breach study from the Ponemon Institute surveyed 500 companies around the world and reviewed 10 years of historical data to get a comprehensive view of the impact of data breaches. The results are compelling.

The costs of data breaches are increasing – as is the time it takes to identify and contain them. The majority of these breaches arise from malicious attacks. And smaller companies with fewer resources are hardest hit.

Maintaining security to counter the threat

With an increasingly sophisticated threat landscape, an IT security skills shortage and security tools management complexity, it’s harder to stay ahead of an attack that could lead to a data breach.

IBM’s comprehensive security portfolio can help your company disrupt threats, deploy security innovations, reduce the cost and complexity of IT security and ultimately safeguard your critical data.

Quantifying the impact of a data breaches

Currently, the average total cost of a data breach is A$3.05 million, an increase of 14.04% from the previous year. Per capita, the cost of a lost or stolen record is $157, up 8.64% from the prior year.

The root cause for 52% of data breaches was malicious or criminal attacks. The mean time to identify a data breach increased from 185 to 200 days, and to contain one from 75 to 81 days.

However, you measure it, a data breach can be devastating for any business, but there are steps you can take to mitigate the risks. IBM can help you:

Identify – Review your current security posture to identify where your data resides.

Protect – Put in place protection solutions to ensure the security, privacy and integrity of your critical data across a full range of environments – from databases to big data, cloud, file systems and more.

Detect – Provide security teams with the visibility and analytics needed to quickly detect security threats.

Respond – Prepare for and/or orchestrate a fast incident response to bring your business back to full operational capacity.

Recover – Get your business back online and operating optimally by recovering access to mission-critical data and applications.

To learn more about the latest statistics about the cost of a data breach  – download the 2019 Cost of a Data Breach study today.

Author: Stephen Burmester, Asia Pacific Lead – X-Force Incident Response and Intelligence Services (IRIS)

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