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Data breaches cost enterprises $500k on average, says Kaspersky

Enterprises that have their data compromised or destroyed by cybercriminals or disgruntled employees stand to lose more than half a million dollars in the process, according to a new report.

Conducted by Kaspersky Lab and B2B International, and published on September 10th, the survey of over 5,000 companies worldwide showed that larger firms should expect to shell out around $551,000 (£361,000) following a data breach.

For small and medium-sized enterprises (SMEs), the average bill is $68,000. However, these companies are susceptible to a wider range of threats than their larger counterparts, which are mostly at risk of third party security failures, fraud and cyber espionage.

Kaspersky also provided a breakdown of the average breached enterprise bill. Lost business opportunities alone can cost up to $203,000, it found, and are a consequence of almost a third (29 per cent) of incidents. Meanwhile, data centre downtime – which happens a third (30 per cent) of the time – can cause losses of up to $1.4 million.

Indirect spending on staffing, training and infrastructure upgrades following a data breach costs enterprises $69,000 on average, according to the report, reaching $204,750 when reputational damage is also considered.

“We have not seen too many reports on the consequences of IT security breaches, estimating a loss in real money. It is hard to come up with a reliable method of producing an average, but we understood that we had to do it,” commented Brian Burke, head of the market intelligence team at Kaspersky.

“As a result, we have a list of corporate threats that caused the most significant damage – the ones we believe businesses should pay the utmost attention to.”

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From:: https://www.ontrack.com/uk/company/press-room/data-recovery-news/data-breaches-cost-enterprises-$500k-on-average,-says-kaspersky329.aspx

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