{"id":518646,"date":"2021-07-28T00:04:16","date_gmt":"2021-07-28T04:04:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ibm-report-cost-of-a-data-breach-hits-record-high-during-pandemic\/"},"modified":"2021-07-28T00:04:16","modified_gmt":"2021-07-28T04:04:16","slug":"ibm-report-cost-of-a-data-breach-hits-record-high-during-pandemic","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ibm-report-cost-of-a-data-breach-hits-record-high-during-pandemic\/","title":{"rendered":"IBM Report: Cost of a Data Breach Hits Record High During Pandemic"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<ul type=\"disc\">\n<li>\n          <i>Data breaches cost surveyed companies <span class=\"xn-money\">$4.24 million<\/span> per incident on average; highest in 17-year report history<\/i>\n        <\/li>\n<li>\n          <i>Adoption of AI, hybrid cloud, and zero trust approach lowered data breach costs<\/i>\n        <\/li>\n<\/ul>\n<p>\n        <span class=\"xn-location\">CAMBRIDGE, Mass.<\/span>, <span class=\"xn-chron\">July 28, 2021<\/span> \/PRNewswire\/ &#8212; IBM (NYSE:\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3241287-1&amp;h=2820802414&amp;u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D3196242-1%26h%3D612447680%26u%3Dhttps%253A%252F%252Fc212.net%252Fc%252Flink%252F%253Ft%253D0%2526l%253Den%2526o%253D2570709-1%2526h%253D2804996277%2526u%253Dhttp%25253A%25252F%25252Fwww.ibm.com%25252Finvestor%2526a%253DIBM%26a%3DIBM&amp;a=IBM\" rel=\"nofollow noopener\">IBM<\/a>)\u00a0Security today announced the results of a global study which found that data breaches now cost surveyed companies <span class=\"xn-money\">$4.24 million<\/span> per incident on average \u2013 the highest cost in the 17-year history of the report. Based on in-depth analysis of real-world data breaches experienced by over 500 organizations, the study suggests that security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic, with costs rising 10% compared to the prior year. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1582705\/IBM_Data_Breach_Report_Infographic_1.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1582705\/IBM_Data_Breach_Report_Infographic_1.jpg\" title=\"Data Breaches costs hit a record high during the pandemic (Source: IBM Security &amp; Ponemon Institute)\" alt=\"Data Breaches costs hit a record high during the pandemic (Source: IBM Security &amp; Ponemon Institute)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Businesses were forced to quickly adapt their technology approaches last year, with many companies encouraging or requiring employees to work from home, and 60% of organizations moving further into cloud-based activities during the pandemic.<sup>1<\/sup> The new findings released today suggest that security may have lagged behind these rapid IT changes, hindering organizations&#8217; ability to respond to data breaches.\u00a0\u00a0\u00a0<\/p>\n<p>The annual Cost of a Data Breach Report, conducted by Ponemon Institute and sponsored and analyzed by IBM Security, identified the following trends amongst the organizations studied:<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Remote work impact: <\/b>The rapid shift to remote operations during the pandemic appears to have led to more expensive data breaches. Breaches cost over <span class=\"xn-money\">$1 million<\/span> more on average when remote work was indicated as a factor in the event, compared to those in this group without this factor (<span class=\"xn-money\">$4.96<\/span> vs. <span class=\"xn-money\">$3.89 million<\/span>.)<sup>2<\/sup><\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>\n          <b>Healthcare breach costs surged: <\/b>Industries that faced huge operational changes during the pandemic (healthcare, retail, hospitality, and consumer manufacturing\/distribution) also experienced a substantial increase in data breach costs year over year. Healthcare breaches cost the most by far, at <span class=\"xn-money\">$9.23 million<\/span> per incident \u2013 a <span class=\"xn-money\">$2 million<\/span> increase over the previous year.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>\n          <b>Compromised credentials led to compromised data: <\/b>Stolen user credentials were the most common root cause of breaches in the study. At the same time, customer personal data (such as name, email, password) was the most common type of information exposed in data breaches \u2013 with 44% of breaches including this type of data. The combination of these factors could cause a spiral effect, with breaches of username\/passwords providing attackers with leverage for additional future data breaches.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>\n          <b>Modern approaches reduced costs: <\/b>The adoption of AI, security analytics, and encryption were the top three mitigating factors shown to reduce the cost of a breach, saving companies between <span class=\"xn-money\">$1.25 million<\/span> and <span class=\"xn-money\">$1.49 million<\/span> compared to those who did not have significant usage of these tools. For cloud-based data breaches studied, organizations that had implemented a hybrid cloud approach had lower data breach costs (<span class=\"xn-money\">$3.61m<\/span>) than those who had a primarily public cloud (<span class=\"xn-money\">$4.80m<\/span>) or primarily private cloud approach (<span class=\"xn-money\">$4.55m<\/span>).<\/li>\n<\/ul>\n<p>\n        <i>&#8220;Higher data breach costs are yet another added expense for businesses in the wake of rapid technology shifts during the pandemic,&#8221; said <span class=\"xn-person\">Chris McCurdy<\/span>, Vice President and General Manager, IBM Security. &#8220;While data breach costs reached a record high over the past year, the report also showed positive signs about the impact of modern security tactics, such as AI, automation and the adoption of a zero trust approach \u2013 which may pay off in reducing the cost of these incidents further down the line.&#8221; <\/i>\n      <\/p>\n<p>\n        <b>Impact of Remote Work and Shift to Cloud on Data Breaches<br \/><\/b>With society leaning more heavily on digital interactions during the pandemic, companies embraced remote work and cloud as they shifted to accommodate this increasingly online world. The report found that these factors had a significant impact on data breach response. Nearly 20% of organizations studied reported that remote work was a factor in the data breach, and these breaches ended up costing companies <span class=\"xn-money\">$4.96 million<\/span> (nearly 15% more than the average breach). <\/p>\n<p>Companies in the study that experienced a breach during a cloud migration project had 18.8% higher cost than average. However, the study also found that those who were further along in their overall cloud modernization strategy (&#8220;mature&#8221; stage) were able to detect and respond to incidents more effectively \u2013 77 days faster on average than those who were in early-stage adoption. Additionally, for cloud-based data breaches studied, companies that had implemented a hybrid cloud approach had lower data breach costs (<span class=\"xn-money\">$3.61m<\/span>) than those who had a primarily public cloud (<span class=\"xn-money\">$4.80m<\/span>) or primarily private cloud approach (<span class=\"xn-money\">$4.55m<\/span>).<\/p>\n<p>\n        <b>Compromised Credentials a Growing Risk<br \/><\/b>The report also shed light on a growing problem in which consumer data (including credentials) is being compromised in data breaches, which can then be used to propagate further attacks. With 82% of individuals surveyed admitting they reuse passwords across accounts, compromised credentials represent both a leading cause and effect of data breaches, creating a compounding risk for businesses. <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Personal Data Exposed:<\/b> Nearly half (44%) of the breaches analyzed exposed customer personal data, such as name, email, password, or even healthcare data \u2013 representing the most common type of breached record in the report. <\/li>\n<li>\n          <b>Customer PII Most Costly:<\/b> The loss of customer personal identifiable information (PII) was also the most expensive compared to other types of data (<span class=\"xn-money\">$180<\/span> per lost or stolen record vs <span class=\"xn-money\">$161<\/span> for overall per record average). <\/li>\n<li>\n          <b>Most Common Attack Method:<\/b> Compromised user credentials were the most common method used as an entry point by attackers, representing 20% of breaches studied. <\/li>\n<li>\n          <b>Longer to Detect &amp; Contain:<\/b> Breaches resulting from compromised credentials took the longest to detect \u2013 taking an average of 250 days to identify (vs. 212 for the average breach.)<\/li>\n<\/ul>\n<p>\n        <b>Businesses That Modernized Had Lower Breach Costs <br \/><\/b>While certain IT shifts during the pandemic increased data breach costs, organizations who said they did not implement any digital transformation projects in order to modernize their business operations during the pandemic actually incurred higher data breach costs. The cost of a breach was <span class=\"xn-money\">$750,000<\/span> higher than average at organizations that had not undergone any digital transformation due to COVID-19 (16.6% higher than the average).<\/p>\n<p>Companies studied that adopted a <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3241287-1&amp;h=4184691001&amp;u=http%3A%2F%2Fwww.ibm.com%2Fsecurity%2Fzero-trust&amp;a=zero+trust\" rel=\"nofollow noopener\">zero trust<\/a> security approach were better positioned to deal with data breaches. This approach operates on the assumption that user identities or the network itself may already be compromised, and instead relies on AI and analytics to continuously validate connections between users, data and resources. Organizations with a mature zero trust strategy had an average data breach cost of <span class=\"xn-money\">$3.28 million<\/span> \u2013 which was <span class=\"xn-money\">$1.76 million<\/span> lower than those who had not deployed this approach at all. <\/p>\n<p>The report also found that more companies were deploying security automation compared to prior years, leading to significant cost savings. Around 65% of companies surveyed reported they were partially or fully deploying automation within their security environments, compared to 52% two years ago. Those organizations with a &#8220;fully deployed&#8221; security automation strategy had an average breach cost of <span class=\"xn-money\">$2.90 million<\/span> \u2013 whereas those with no automation experienced more than double that cost at <span class=\"xn-money\">$6.71 million<\/span>.<\/p>\n<p>Investments in incident response teams and plans also reduced data breach costs amongst those studied. Companies with an incident response team that also tested their incident response plan had an average breach cost of <span class=\"xn-money\">$3.25 million<\/span>, while those that had neither in place experienced an average cost of <span class=\"xn-money\">$5.71 million<\/span> (representing a 54.9% difference.)<\/p>\n<p>\n        <b>Additional findings from the 2021 report include: <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Time to respond:<\/b> The average time to detect and contain a data breach was 287 days (212 to detect, 75 to contain) \u2013 which is one week longer than the prior year report. <\/li>\n<li>\n          <b>Mega breaches: <\/b>Average cost of a mega breach was <span class=\"xn-money\">$401 million<\/span>, for breaches between 50 million and 65 million records.<sup>3 <\/sup>This is nearly 100x more expensive than the majority of breaches studied in the report (which ranged from 1,000-100,000 records.) <\/li>\n<li>\n          <b>By industry: <\/b>Data breaches in healthcare were most expensive by industry (<span class=\"xn-money\">$9.23m<\/span>), followed by the financial sector (<span class=\"xn-money\">$5.72m<\/span>) and pharmaceuticals (<span class=\"xn-money\">$5.04m<\/span>). While lower in overall costs, retail, media, hospitality and public sector experienced a large increase in costs vs. the prior year. <\/li>\n<li>\n          <b>By country\/region:<\/b> The US had the most expensive data breaches at <span class=\"xn-money\">$9.05 million<\/span> per incident, followed by <span class=\"xn-location\">Middle East<\/span> (<span class=\"xn-money\">$6.93m<\/span>) and <span class=\"xn-location\">Canada<\/span> (<span class=\"xn-money\">$5.4m<\/span>). <\/li>\n<\/ul>\n<p>\n        <b>Methodology and Additional Data Breach Statistics<br \/><\/b>The 2021 Cost of a Data Breach Report from IBM Security and Ponemon Institute is based on in-depth analysis of real-world data breaches of 100,000 records or less, experienced by over 500 organizations worldwide between\u00a0May 2020 and <span class=\"xn-chron\">March 2021<\/span>. The report takes into account hundreds of cost factors involved in data breach incidents, from legal, regulatory and technical activities to loss of brand equity, customers, and employee productivity.<\/p>\n<p>To download a copy of the\u00a02021 Cost of a Data Breach Report, please visit: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3241287-1&amp;h=604374931&amp;u=http%3A%2F%2Fwww.ibm.com%2Fdatabreach&amp;a=ibm.com%2Fdatabreach\" rel=\"nofollow noopener\">ibm.com\/databreach<\/a><\/p>\n<p>Sign up for the 2021 Cost of a Data Breach Report webinar on <span class=\"xn-chron\">August 18<\/span> at <span class=\"xn-chron\">11:00 AM ET<\/span>, here: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3241287-1&amp;h=281640070&amp;u=https%3A%2F%2Fibm.biz%2FCODBwebinar&amp;a=ibm.biz%2FCODBwebinar\" rel=\"nofollow noopener\">ibm.biz\/CODBwebinar<\/a>\u00a0<\/p>\n<p>\n        <b>About IBM Security <br \/><\/b>IBM Security offers one of the most advanced and integrated portfolios of enterprise security products and services. The portfolio, supported by world-renowned IBM Security X-Force<sup>\u00ae<\/sup> research, enables organizations to effectively manage risk and defend against emerging threats.\u00a0IBM operates one of the world&#8217;s broadest security research, development and delivery organizations, monitors\u00a0150 billion+ security events per day in more than 130 countries, and has been granted more than 10,000 security patents worldwide. For more information, please check\u202f<a target=\"_blank\" 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rel=\"nofollow noopener\">IBM Security Intelligence\u202fblog<\/a>.<\/p>\n<p>\n        <b>Media Contact:<br \/><\/b><br \/>\n        <span class=\"xn-person\">Cassy Lalan<\/span><br \/>\n        <br \/>Media Relations, IBM Security<br \/>319-230-2232 (m)<br \/><a target=\"_blank\" href=\"mailto:cllalan@us.ibm.com\" rel=\"nofollow noopener\">cllalan@us.ibm.com<\/a><\/p>\n<p>\n        <sup>1<\/sup>\u00a0IBM Institute for Business Value: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3241287-1&amp;h=15914233&amp;u=https%3A%2F%2Fwww.ibm.com%2Fthought-leadership%2Finstitute-business-value%2Freport%2Fcovid-19-future-business&amp;a=COVID-19+and+the+future+of+business\" rel=\"nofollow noopener\">COVID-19 and the future of business<\/a>\u00a0<br \/><sup>2<\/sup> Average cost of <span class=\"xn-money\">$4.96 million<\/span> for those surveyed where remote work was a factor vs. <span class=\"xn-money\">$3.89 million<\/span> when remote work was not a factor<br \/><sup>3<\/sup>\u00a0The 2021 Cost of a Data Breach Report examines the cost of a mega breach based on a separate analysis of a specific sample involving loss or theft of one million records or more. The mega breach sample is not included in the overall average data breach report calculations, which examines data breaches ranging from 1,000-100,000 records. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1582704\/IBM_Data_Breach_Report_Infographic_2.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1582704\/IBM_Data_Breach_Report_Infographic_2.jpg\" title=\"Companies who implemented a Zero Trust security approach saved millions on the cost of a data breach (Source: IBM Security &amp; Ponemon Institute)\" alt=\"Companies who implemented a Zero Trust security approach saved millions on the cost of a data breach (Source: IBM Security &amp; Ponemon Institute)\" \/><br \/>\n          <\/a>\n        <\/p>\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1582706\/IBM_Data_Breach_Report_Infographic_3.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1582706\/IBM_Data_Breach_Report_Infographic_3.jpg\" title=\"Compromised credentials were a leading cause of data breaches (Source: IBM Security &amp; Ponemon Institute)\" alt=\"Compromised credentials were a leading cause of data breaches (Source: IBM Security &amp; Ponemon Institute)\" \/><br \/>\n          <\/a>\n        <\/p>\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/95470\/ibm_logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/95470\/ibm_logo.jpg\" title=\"IBM Corporation logo. (PRNewsfoto\/IBM)\" alt=\"IBM Corporation logo. (PRNewsfoto\/IBM)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY56613&amp;sd=2021-07-28\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/ibm-report-cost-of-a-data-breach-hits-record-high-during-pandemic-301342720.html\">https:\/\/www.prnewswire.com\/news-releases\/ibm-report-cost-of-a-data-breach-hits-record-high-during-pandemic-301342720.html<\/a><\/p>\n<p>SOURCE  IBM<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY56613&amp;Transmission_Id=202107280001PR_NEWS_USPR_____NY56613&amp;DateId=20210728\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Data breaches cost surveyed companies $4.24 million per incident on average; highest in 17-year report history Adoption of AI, hybrid cloud, and zero trust approach lowered data breach costs CAMBRIDGE, Mass., July 28, 2021 \/PRNewswire\/ &#8212; IBM (NYSE:\u00a0IBM)\u00a0Security today announced the results of a global study which found that data breaches now cost surveyed companies $4.24 million per incident on average \u2013 the highest cost in the 17-year history of the report. Based on in-depth analysis of real-world data breaches experienced by over 500 organizations, the study suggests that security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic, with costs rising 10% compared to the prior year. Businesses were forced &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ibm-report-cost-of-a-data-breach-hits-record-high-during-pandemic\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;IBM Report: Cost of a Data Breach Hits Record High During Pandemic&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-518646","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IBM Report: Cost of a Data Breach Hits Record High During Pandemic - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ibm-report-cost-of-a-data-breach-hits-record-high-during-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBM Report: Cost of a Data Breach Hits Record High During Pandemic - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Data breaches cost surveyed companies $4.24 million per incident on average; highest in 17-year report history Adoption of AI, hybrid cloud, and zero trust approach lowered data breach costs CAMBRIDGE, Mass., July 28, 2021 \/PRNewswire\/ &#8212; IBM (NYSE:\u00a0IBM)\u00a0Security today announced the results of a global study which found that data breaches now cost surveyed companies $4.24 million per incident on average \u2013 the highest cost in the 17-year history of the report. Based on in-depth analysis of real-world data breaches experienced by over 500 organizations, the study suggests that security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic, with costs rising 10% compared to the prior year. 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