IBM Security and the Ponemon Institute have released a study that found that the average cost of a data breach is $3.62 million globally, an overall 10 percent decline from 2016 results, but US costs continued to climb. Michael Patterson, CEO at Plixer commented below.
Michael Patterson, CEO at Plixer:
“Data breaches are inevitable and although EMEA experienced a reduction in the cost of data breaches, much of the rest of the world saw their costs rise. The costs associated with a breach is directly proportional to the time it takes to identify root cause and remediate. From the Board Room to the Security Operations Team, organizations must shift their focus and investment priority to include effective incident response. Decades of focus on the deployment only of prevention and detection solutions has failed us. Organizations must invest in technologies like network traffic analytics and network intelligence platforms which deliver contextual and actionable forensic data. This data is key to faster time-to-resolution and lower cost per incident.”