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Linking ISM and BCM brings real business benefits: Ponemon survey

The Ponemon Institute has published its ninth annual Cost of Data Breach Study, which was sponsored by IBM.

According to the benchmark study of 314 companies spanning 10 countries, the average consolidated total cost of a data breach increased 15 percent in the last year to $3.5 million. The study also found that the cost incurred for each lost or stolen record containing sensitive and confidential information increased more than nine percent to a consolidated average of $145.

Interestingly, the research was able to provide quantified evidence for the advantages of linking information security management and business continuity management programs, finding that the involvement of business continuity management reduced the cost of a data breach by an average of almost $9 per record.

Other key findings included:

  • The most costly breaches occurred in the US and Germany at $201 and $195 per compromised record, respectively. The least expensive data breaches were in India and Brazil at $51 and $70, respectively.
  • Root causes of data breaches differ among countries. Countries in the Arabian region and Germany had more data breaches caused by malicious or criminal attacks. India had the most data breaches caused by a system glitch or business process failure. Human error was most often the cause in the UK and Brazil.
  • The most costly data breaches were those caused by malicious and criminal attacks. The US and Germany paid the most at $246 and $215 per compromised record, respectively. These types of data breaches were least costly for companies in India and Brazil at $60 and $77 per compromised record, respectively.
  • A strong security posture was critical to decreasing the cost of data breach. On average, companies that self-reported they had a strong security posture were able to reduce the cost by as much as $14 per record.
  • The appointment of a Chief Information Security Officer (CISO) to lead the data breach incident response team reduced the cost of a breach by more than $6.

To download the complete report go to www.ibm.com/services/costofbreach

•Date: 6th May 2014 • World •Type: Article • Topic: ISM

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