The average cost of a data breach has risen to $3.86 million, according to a new report from IBM. The latest version of its annual report shows a 6.6 percent increase in costs; including direct losses, indirect costs related to time and effort in dealing with a breach, and lost opportunities such as customer churn as result of bad publicity. “There is an expectation, because of the amount of breaches, that people should be better equipped to handle these now,” says John Wheeler, VP of strategy at IBM Security. “Companies that are caught with weaknesses in their [security] programs, that’s reaching a point of being purely unacceptable.
Read/see the slideshow explaining the cost of a data breach on CSO Online.