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Cost of data breaches increasing to average of $3.8 million: Study

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breachThe cost of data breaches is rising around the world and the average incident now costs a company nearly $3.8 million, according to a new study.

The Ponemon Institute’s annual “Cost of a Data Breach” study analysed the data breach incidents at 350 companies in 11 countries. That average-cost figure rose about 8 percent in 2015, compared with $3.52 million in 2014, acording to the study.

The direct costs include hiring experts to fix the issue, investigating the cause, setting up hotlines for customers and offering credit monitoring for victims. Business lost because customers are wary after a breach can be even greater, the study said.

To the study, the healthcare was most at risk for costly breaches. It witnessed an average cost per record lost or stolen as high as $363, more than twice the average for all sectors of $154.

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