Every year we deal with more than 50,000 physical and logical data loss cases in our clean rooms around the world. An idle minute in all industries is worth about $5,600.
When estimating damages, the Ponemon Institute includes throws in the costs of outsourcing hotline support, forensic investigations, notifying customers, in-house investigations and communication with affected customers.
In the 2014 Cost of Data Breach Study found that the average data breach costs U.S. companies an average of $195 per record lost, amounting to an average of $5.85 million per breach. Gartner estimates global losses from cyber crime total nearly $400 billion annually.
The EMC Global Data Protection Index finds that globally, enterprises are losing as much as $1.7 trillion through data loss ($754 million) and unplanned downtime ($954 million). Sixty-two percent of respondents said at least one of the following: big data, hybrid cloud, mobile devices, is ‘difficult’ or ‘very difficult’ to protect.
The study also reveals that 87% of businesses are behind the curve for data protection maturity; while 71% of businesses are not fully confident of restoring their data.
The average company spends $153 million on IT and $12 million on data protection. Those ahead of curve spend almost $37 million on data protection.
Financial services, Energy, IT and Telecoms have most data protection vendors; while the top 3 spenders are in the IT (9.16%), TelCo (8.97%), Financial Services (8.04%) sectors.
The study also finds that those with one vendor are the least likely to experience data loss or downtime.
The average annual loss per company is 2.33TB of data (equivalent to around 24 million e-mails), which costs $1.02 million. Businesses with one vendor lost the least data, while those with 3 or more vendors lost the most data. IT (3.83TB) and Financial Services (2.92TB) lost the biggest volume of data.
One quarter of organizations do not back up anything continuously & suffer 32 hours downtime (vs. 25 hour downtime average); while 71% are not fully confident that they can recover systems/data today from all platforms. More than half are currently using backup-as a service; further 34% plan to in the future; and 47% plan to use archive as a service and data recovery as a service in the future.
Some of the high-profile cases of hacking are Sony Entertainment and HSBC.
Hackers illegally published materials from Sony, including Hollywood movies not yet in the world hire (Fury, Anny, Still Alice); the script and budget of the last James Bond movie; personal correspondence; and over 11 Тbof information stolen.
While Sony said in an earnings report that the hack would cost $15 million “in investigation and remediation costs” for the quarter to Dec. 31, senior general manager Kazuhiko Takeda said Wednesday that the figure would be $35 million for the full fiscal year through March 31.
“The figure primarily covers costs such as those associated with restoring our financial and IT systems,” a spokesman at Sony’s Tokyo headquarters said later via email. Indeed, analysts at Macquarie Research estimate the cost of rebuilding Sony’s computer systems could total some $83 million.
- ’s websites across the world have been hit by one of the largest cyber attacks to strike a bank in an attack that left millions of customers without access to online services (October, 2012).