Year-over-year in the U.S., the cost of a data breach rose 7 percent, the number of records stolen increased 5 percent and the rate of customer loss as a result of data breaches grew 3 percent.
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Those statistics come from the Ponemon Institute’s recent research on the cost of data breaches in 2016.
The report stated that the average total cost of a data breach in the U.S. is now $7.01 million, and each stolen record carries a financial impact of around $221.
The most expensive data breaches stem from malicious or criminal cyberattacks, while data loss or theft caused by human error and technical glitches are less costly on average.
To help reduce the financial impact of data breaches, organizations should focus on containment with cybersecurity products such as Certes Networks CryptoFlow solutions.
These tools prevent hackers from moving laterally between applications, thereby limiting the amount of data that those cybercriminals can steal and mitigating the cost of an unauthorized intrusion.
For more information on breach containment, stick with the Certes Networks blog!