Cost of a mega breach now estimated to rise as high as $350 million

The average cost of a data breach is $3.86 million, according to a study by IBM Security and Ponemon Institute. But the cost of “mega breaches,” where 1 million to 50 million records are lost, can run from $40 million to $350 million.

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Full Story Here: https://venturebeat.com/2018/07/10/ibm-security-study-mega-data-breaches-cost-40-million-to-350-million/ 

 

Commenting on the news is Javvad Malik, security advocate at AlienVault, who said:

 

The cost of a breach will vary greatly depending on how quickly a company can detect a breach, and how mature and well-tested its response and recovery processes are. Having good threat detection controls in this regard can help to reduce controls greatly. 

Orchestration and automation can also play a big part in speedy response, for example, by automatically and quickly taking an infected machine off the network, or rapidly blocking any c&c traffic.

Organisations can minimise the damage caused by breaches by properly identifying critical assets up front, knowing where vulnerabilities are, and segmenting as well as having more rigorous monitoring controls.