The Ponemon Institute earlier this year noted that the average cost of a data breach per organization is now $3.79 million, a cost which has year-to-year been on the rise. New research released from Juniper Research suggests that the global cost of a data breach will reach $2.1 trillion by 2019. The global cost estimate is set to increase almost four times the estimated cost for 2015. Juniper estimates the average cost per organization will exceed $150 million by 2020.
According to the research, the increase in data breach costs are associated with the rapid digitization of consumer and enterprise records, driving an increase in cybercrime. In the past year, the “cybercrime as business” model has become more commonplace, with more off-the-shelf products and large cybercrime organizations driving attacks for corporate data. The research suggests that the majority of these breaches will come from existing IT and network infrastructure, while new threats (mobile, IoT) will contribute in part.
As with the Harper Midsize Business Monitor research we recently talked about, the Juniper study shows that small and medium-sized businesses (SMBs) may bear the heaviest burden for data breaches. Although large organizations face larger data breaches, they have the cash flow to absorb high costs associated with data breaches; SMBs do not.
As cybercriminals become more sophisticated, its up to security vendors and organizations to match pace as well. At Absolute, our advice is always to adopt a layered approach to data security. This holistic approach considers layered technology solutions, internal processes and user education as the foundations to protecting data. To this end, we have released an Information Security – Best Practices Guide. In this guide, we lay out 5 goals for better device and data security which provide actionable ways to protect data, and be alerted if an incident is detected, in the face of ever-changing threats.