The Ponemon Institute’s annual benchmark study examines the costs organizations incur when responding to data breach incidents resulting in the loss or theft of protected personal information.
It's resent survey encompassed 31 companies who had suffered data breach , the results are not hypothetical – they represent cost estimates for activities resulting from an actual data loss incident
In the report the number of individual records breached ranged from 2,500 records to 263,000, which considering the scale of some recent public admissions ( Bank of America, UPS loss of Citibank data backup and the infamous Choice Point selling of customer information to criminals ) is small fry.
The study concludes the average cost of a data breach to the company involved ( excluding regulatory fines ) is $182 PER RECORD - if you include regulatory fines this number is off the scale ( Choicepoint landed a $15 million penalty).
Personal data being stored and used electronically is increasing - without diligence and control, so are the risks.
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