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UK Companies Pay £47 for Every Lost Private Record

February 25th, 2008 by Agent Smith (0) endpoint security,In the News,security breach

The Register explores the costs of data breaches for UK companies in an article published earlier today. And the numbers they publish should scare companies from both UK and different countries as laws and regulations seem to get harsher by the minute.

While the average price per lost record is of £47, the average total price paid by a company exposed to data breaches is of £1.4 million. These troubling amounts are the result of a study conducted by the Ponemone Institute. 21 UK companies took part in the research and the winners are financial companies, who report the most expensive data breaches of about £55.

The size of the losses examined ranged from 2,500 records to more than 125,000 and costs ranged from £84,000 to £3.8m.

Breaches by third parties were more expensive than in-house losses – on average £59 rather than £42 in-house. This is a difficult issue for big companies to deal with, because their supply chain will include hundreds or even thousands of partner and outsourcer companies.

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