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Tuesday, October 24, 2006
Ponemon Report Shows Sharp Rise in the Cost of Data Breaches
NY 2006, PGP Corporation, Vontu, Inc, and The Ponemon Institute, a privacy and information management research firm, released the 2006 Annual Study: Cost of a Data Breach. According to the Privacy Rights Clearinghouse, more than 330 data loss incidents involving more than 93 million individual records have occurred since February 2005. According to the study’s 2006 findings, data breaches cost companies an average of $182 per compromised record, a 31 percent increase over 2005.
The Ponemon Institute analyzed 31 different incidents for the study.
Total costs for each ranged from less than $1 million to more than $22 million.
“Once again, the Ponemon survey illuminates the high costs companies will incur for failing to protecting their customers’ data,” said Andrew Krcik, vice president of marketing for PGP Corporation. “In light of these findings, it’s not surprising that companies such as PGP Corporation and Vontu are seeing an increasing shift to preventative solutions.”
“The new Ponemon study confirms what we hear every day from our enterprise customers, that they simply cannot afford to allow confidential data loss to continue,” said Steve Roop, vice president of products and marketing, Vontu.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/10-23-2006/0004456875&EDATE=