Winning? US Is Top in Corporate Data Breach Costs Thanks to Legal
An IBM and Ponemon Institute study found indirect costs such as litigation make the United States the most expensive country for corporations to suffer a data breach.
June 20, 2017 at 02:27 PM
9 minute read
The original version of this story was published on Legal Tech News
Implementing cybersecurity controls can be expensive and frustrating for companies, but dealing with the fallout from a breach is inevitably far more costly. And nowhere is that more evident than in U.S. corporations, which hold the distinction of having the highest data breach financial liabilities worldwide, according to the 2017 Cost of Data Breach Study.
The study was sponsored by IBM and conducted by the Ponemon Institute, which surveyed 419 corporations across 17 industries in 14 countries, including 63 corporations in the United States. On a per capita basis, U.S. corporations paid $225 per each lost or stolen record, up from the previous record of $221 in 2016, and far outpacing Canada, which held the second highest cost at $190 per record.
The average total cost of a breach in the United States reached $7.35 million per organization, up from $7 million in 2016 and topping the previous record of $7.24 million in 2011. The Middle East (which the study defined as the United Arab Empires and Saudi Arabia) had the second highest costs at $4.94 million per organization in 2017, followed by Canada at $4.31 million.
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