To keep up with changing business needs, new technologies and new threats, the 2020 report explores previously unexamined factors including various types of threats, organizational factors and security measures. New Insights, Remote Working and Vulnerability TestingĮach year, Ponemon Institute asks participating organizations to estimate costs* on hundreds of factors that impact the cost of a data breach, from lost business to detection and response activities, to notification activities and many more. Here we offer some highlights of the report. The real value of this research is not pegging the cost of a breach to a single average, but in highlighting the numerous factors that impact those costs, so that organizations can identify the best possible strategies for mitigation. See the 2020 Cost of a Data Breach report and calculator The Cost of a Data Breach Report offers insights and recommendations to help you along the way. Additionally, 70% of respondents expect remote working could increase the cost of a data breach.Īs organizations continue to adjust to COVID-19, to protect their employees’ health, continue to serve customers and adapt to rapid changes in business models, the need to assess and mitigate cybersecurity risks has never been higher. According to survey results in the 2020 Cost of a Data Breach Report, 76% of respondents whose organizations have shifted to remote work expect that working from home could increase the time it takes to identify and contain a data breach. In response to the global coronavirus pandemic that has disrupted so many businesses, economies and lives, many organizations have shifted to remote work models. The average time to identify and contain a data breach was 280 days in the 2020 study, nearly identical to the average of 279 days in 2019. The 2020 Cost of a Data Breach Report shows some consistency with past research, including the global total cost of a data breach, which averaged $3.86 million in the 2020 study, down about 1.5% from the 2019 study, but in line with previous years.
This year’s study analyzed 524 breaches that occurred between August 2019 and April 2020, in organizations of all sizes, across 17 geographies and 17 industries. Now in its 15th year, the annual Cost of a Data Breach Report, with research by the Ponemon Institute and published by IBM Security, continues to provide a detailed view of the financial impacts security incidents can have on organizations, with historical data revealing trends in data breach causes and consequences. In a world of uncertainty and change, it’s a comfort that some things are consistent year after year. Series: 2020 Cost of a Data Breach Report
Check out our many best practices documents, including sending mandated emails, non-human interactions handling email, email authentication and more at. M3AAWG and its members continue to work to protect email and messaging. Anonymized customer data (i.e., data that is modified to remove PII) was compromised in 28% of the breaches studied, the second most common type of record compromised in breaches.” What kind of data was impacted in attacks and breaches? The report noted, “…Customer PII was included in 44% of all breaches in the study.
The cost of a data breach increased by 11.9% since 2015.” This compares to a decrease of 1.5% from the 2019 to 2020 report year. The increase of $0.38 million ($380,000) represents a 9.8% increase. Significantly, the research found that “…Data breach costs increased significantly year-over year from the 2020 report to the 2021 report, increasing from $3.86 million in 2020 to $4.24 million in 2021. The report calculated costs on four factors, all of which are “…process-related activities drive a range of expenditures associated with an organization’s data breach: detection and escalation, notification, post breach response and lost business.”
The second costliest was phishing ($4.65 million), followed by malicious insiders ($4.61 million), social engineering ($4.47 million), and compromised credentials ($4.37 million). Per the report, available here (registration required), business email compromise (BEC) was responsible for only 4% of breaches, but had the highest average total cost of the 10 initial attack vectors in the study, at $5.01 million. The 2021 Ponemon Data Breach research report, sponsored by IBM, has been released, and data shows that the cost of breaches and attacks continues to increase.
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