Which Countries Have the Highest Average Data Breach Costs?

The Ponemon Institute with sponsorship from IBM just released their 2016 Cost of Data Breach Study:Global Analysis.

As we have become accustomed to, this study is chock full of interesting data and as such we’ll dedicate a few blog posts to highlighting some of the more interesting points as opposed to attempting to cram it all into one all-encompassing missive.

Which Countries Have the Highest Average Data Breach Costs?

The first data set presented in the report compares the cost of per capita breaches across 12 different countries. The results are shown below:

Source: Ponemon Institute

 

After reading through the report it was difficult to identify a single element that defined why the costs of a breach per record were higher for the top countries. Rather, it seems as though a variety of contributing factors are at work.

  1. The prevalence of “high breach cost industries” in that country. For example, healthcare and financial services industries
  2. The degree of 3rd party integration – more integrations mean higher costs
  3. The size of the breach itself – larger breaches tend to cost more per record
  4. Detection and escalation costs – Canada, for example had costs far higher than other similar countries in this regard
  5. Notification and post-breach response costs – here the US and Germany led the charge.

Remember an Ounce of Prevention is Worth a Pound of Cure!

At Konsultek we believe heartily in the old adage that “an ounce of prevention is worth a pound of cure.” That is why we create customized security solutions for our clients that focus on prevention and rapid detection so that breaches are prevented up front first. If, by chance an intrusion does happen, our detection component helps to rapidly identify the threat and contain it before harm can occur.

What is YOUR plan for data breach prevention? If you don’t have one or think you’d like a second opinion from an organization that lives and breathes security, just give us a call!

 

 

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