Data breaches getting more costly
HIPAA Weekly Advisor, February 9, 2009
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Organizations that had data breaches in 2008 paid $202 for each record, according to a new report by PGP Corporation and the Ponemon Institute.
The U.S. Cost of a Data Breach Study, released last week, reveals that organizations paid an average of $6.6 million last year to “rebuild their brand image and retain customers,” the organizations reported in their press release.
The researchers took records from 43 organizations across 17 different industry sectors. Since the study began four years ago, the cost on each record that had a data breach has grown 40%, according to the researchers.
Some critical findings from the study include:
- Healthcare and financial services companies had highest churn rate—6.5% and 5.5% respectively, meaning patients don’t stick around after their records are breached
- More than 84% of cases involved organizations that experienced more than one data breach in 2008
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