Featured Articles

Analysts expect ARM to do well next year

Analysts expect ARM to do well next year

British chip designer ARM could cash in on the mobile industry's rush to transition to 64-bit operating systems and hardware.

More...
Huawei and Xiaomi outpace Lenovo, LG in smartphone market

Huawei and Xiaomi outpace Lenovo, LG in smartphone market

Samsung has lost smartphone market share, ending the quarter on a low note and Xiaomi appears to be the big winner.

More...
Intel Broadwell 15W coming to CES

Intel Broadwell 15W coming to CES

It looks like Intel will be showing off its 14nm processors, codenames Broadwell, in a couple of weeks at CES 2015.

More...
Gainward GTX 980 Phantom reviewed

Gainward GTX 980 Phantom reviewed

Today we’ll be taking a closer look at the recently introduced Gainward GTX 980 4GB with the company’s trademark Phantom cooler.

More...
Zotac ZBOX Sphere OI520 barebones vs Sphere Plus review

Zotac ZBOX Sphere OI520 barebones vs Sphere Plus review

Zotac has been in the nettop and mini-PC space for more than four years now and it has managed to carve…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Tuesday, 20 March 2012 11:41

Symantec shows average cost of security breech up

Written by Nick Farrell



Nearly 68 per cent higher than 2007


Security outfit Symantec and beancounters at the Ponemon Institute revealed that the average cost of a data breach has risen for the fifth consecutive year. The 2011 Annual Study: UK Cost of a Data Breach found that the average cost per capita of a data breach rose to £79 per record, up from £71 in 2010 and 68 percent higher than £47 in 2007. Notably, negligent employees or contractors pose the biggest risk to organisations, responsible for over a third (36 percent) of all data breaches.

Despite a rise in cost per record, the report also disclosed that the actual organisational cost of a breach has, in fact, declined from £1.9 million in 2010 to £1.75 million in 2011, suggesting that businesses have improved performance in both preparing and responding to data breaches. Data breaches cost companies an average of £79 per compromised record – of which £37 pertains to indirect costs such as lost business, reputational damage or churn of existing customers.

Mike Jones, Senior Product Marketing Manager, Symantec said that he was noticing that companies at risk of data loss are becoming wise to the financial impact of a data breach. These businesses are implementing steps not just to prevent loss but to mitigate the damage, should a breach occur.  The Ponemon Institute took  into consideration the costs of the actual data loss related to records, in recent years there has also been an increased consciousness amongst businesses that valuable intellectual property and private communications can present a great source of risk to a company’s financial stability. In addition, the report shows a large proportion of data breaches are  caused by individual negligence.

The report indicates that fewer records are being lost in breaches and businesses that do suffer data loss are less likely to be abandoned by customers, with the average abnormal churn decreasing from 3.3 percent in 2010 to 2.9 percent. Some industries, such as financial services or pharmaceutical companies, remain more susceptible to customer churn, causing the cost of their data breaches to be higher than the average.


Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments