Data Breach Costs Continue to Rise

The cost of a data breach has never been something to scoff at, and the rising costs aren’t making it any better. But if costs continue to rise, why aren’t organizations doing more to combat the onslaught of hacking?

It’s not easy to pinpoint the total cost of cyber crimes, in part because industrial espionage and other crimes often go undetected or unreported for years. When crimes are identified, there are numerous indirect costs to calculate on top of the direct damage organizations suffer. And those indirect costs, such as post-attack revenue loss, may go on for years.

With that said, estimates of the costs of cyber crimes are now reaching into the trillions of dollars—and rising. According to the British insurance company Lloyd’s, cyber attacks cost organizations as much as $400 billion in 2015. Juniper Research predicts that data breaches will cost $2.1 trillion globally by 2019, which is almost four times more than in 2015.

In the healthcare industry alone, the Sixth Annual Benchmark Study on Privacy and Security of Healthcare Data by the Ponemon Institute estimates that data breaches could be costing…

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