New Report Shows Breach Costs Continuing to GrowNew Report Shows Breach Costs Continuing to Grow
The costs associated with data breaches climb alongside the amount of data managed by the enterprise according to the latest Global Protection Index Snapshot.
March 13, 2020
Organizations are, on average, managing nearly 40% more data than one year ago. And 80% see that data having value. Unfortunately, 81% don't think their cybersecurity is up to future challenges. These are just some of the conclusions in the Global Data Protection Index 2020 Snapshot released today by Dell Technologies.
The snapshot, based on interviews of 1,000 executives in organizations with more than 250 employees, shows that the amount of data the enterprise must manage has exploded in recent years. In 2019, the average organization was keeping track of 13.53 petabytes (PB) of data, an 831% increase from the 1.45PB they were managing in 2016. And the cost of security failures is increasing as the data size goes up.
According to the report, both the average cost of the downtime associated with a breach, and the cost of the breach itself, went up in 2019. The average cost of downtime went up by 54% from 2018 to 2019, with the estimated total cost hitting $810,018 in 2019, up from $526,845 in 2018. For data loss, the total also increased, from $995,613 in 2018 to $1,013,075 in 2019. In an interesting note, both costs were higher for organizations with multiple data protection vendors than for those depending on a single source for protection.
For more, read here.
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