Despite the number of data breaches still going up, there are some positive news as well. New research indicates the average cost per data breach is going down, which is a positive development. Unfortunately, this change can mainly be attributed to the US Dollar surging in value, rather than companies getting better at protecting their data. There is still a lot of work to be done, but it is good to see some form of a silver lining at least.
DATA BREACH COSTS ARE DOWN, ATTACKS ARE UP
Every type of research associated with online security is a mixed bag these days. On the positive side, the average costs of data breaches have decreased by 11.4% in 2016. This is good news for companies suffering from data breaches, even though the average cost still hovers around $3.6m. The bad news is how the number of data breaches increased by 1.8% in the same year.
All of these numbers tell us two different things. First of all, companies are getting worse at keeping sensitive information safe. It was already quite bad in the years prior, but with more attacks taking place, it is evident there is little focus on improving countermeasures. That situation will need to be addressed sooner rather than later. The last thing we need is more successful data breaches, yet companies remain unwilling to do much about it for now.
Second, it goes to show companies continue to underestimate the financial repercussions caused by a data breach. If the US Dollar wouldn’t have been on a strong run last year, the average cost would not have gone down either. Even so, suffering $3.6m in losses for a data breach is still a lot of money. It seems corporations are more than willing to make this financial hit and move on with their business. That is quite a troubling development, as no one should feel even remotely comfortable paying $3.6m for something they could have easily prevented.