Security News > 2020 > July > The average total cost of a data breach declined, but costs increased for many organizations

Conducted by the Ponemon Institute, the 2020 Cost of a Data Breach Report is based on in-depth interviews with more than 3,200 security professional in organizations that suffered a data breach over the past year.

Smart tech slashes breach costs in half: Companies who had fully deployed security automation technologies experienced less than half the data breach costs compared to those who didn't have these tools deployed - $2.45 million vs. $6.03 million on average.

Paying a premium for compromised credentials: In incidents where attackers accessed corporate networks through the use of stolen or compromised credentials, businesses saw nearly $1 million higher data breach costs compared to the global average - reaching $4.77 million per data breach.

Respondents in the Middle East, a region that historically experiences a higher proportion of state-sponsored attacks compared to other parts of the world , saw an over 9% yearly rise in their average data breach cost, incurring the second highest average breach cost amongst the 17 regions studied.

According to the report, companies with neither an IR team nor testing of IR plans experience $5.29 million in average breach costs, whereas companies that have both an IR team and use tabletop exercises or simulations to test IR plans experience $2 million less in breach costs - reaffirming that preparedness and readiness yield a significant ROI in cybersecurity.

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