According to the latest IBM report, data breach in the UK rose by approximately 8%, which was close to £ 2.7 million. In the UK, the cost of a data breach was slightly lower compared to the global average that stood at £3 million. Companies in the US experienced higher costs of a breach at a record £6 million, followed by the Middle East whose cost was at £4 million. Sadly, the amount of time organizations take to identify a breach dropped by 5 days to stand at 163 days. On the other hand, the number of days organizations took to contain a breach reduced by 3 days to get to 64 days. These are important statistics because when a company takes longer to identify a breach, the more damage a company can experience and the more expensive it will be for a company to recover.
According to IBM, if a company takes less than 30 days to contain a breach, it can save up to £755,000 compared to companies that take longer. If a company uses encryption and incident response on their data, it helps to reduce the cost per record that is compromised by £12 and £13, respectively.
Although half of all the breaches are caused by malicious attacks, system glitches,
Source: https://managewp.org/articles/18372/how-much-could-a-data-breach-cost-your-business
source https://williechiu40.wordpress.com/2019/02/12/how-much-could-a-data-breach-cost-your-business/
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