Security News > 2021 > July > Average total cost of a data breach increased by nearly 10% year over year

Data breaches now cost companies a total of $4.24 million per incident on average, according to the Cost of a Data Breach Report, conducted by Ponemon Institute and analyzed by IBM Security.

"While data breach costs reached a record high over the past year, the report also showed positive signs about the impact of modern security tactics, such as AI, automation and the adoption of a zero trust approach - which may pay off in reducing the cost of these incidents further down the line."

Personal data exposed: Nearly half of the breaches analyzed exposed customer personal data, such as name, email, password, or even healthcare data - representing the most common type of breached record in the report.

While certain IT shifts during the pandemic increased data breach costs, organizations who said they did not implement any digital transformation projects in order to modernize their business operations during the pandemic actually incurred higher data breach costs.

Organizations with a mature zero trust strategy had an average data breach cost of $3.28 million - which was $1.76 million lower than those who had not deployed this approach at all.

Additional findings from the 2021 report Time to respond: The average time to detect and contain a data breach was 287 days - which is one week longer than the prior year report.

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