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IBM Study Says Data Security Mega Breach Costs Companies Up To $350M

August 8, 2018

Hikvision Proactive About Cybersecurity, Aims to Reduce Security Concerns

Hikvision Proactive About Cybersecurity, Aims to Reduce Security Concerns

 

The IBM Study, “2018 Cost of a Data Breach,” discovered that data security “mega” breaches, ranging from one million to five million in lost records, can cost companies anywhere from $40 million to $350 million, according to a report by Security magazine.

The IBM study procured by the Ponemon institute also found that “the average cost of a data breach globally is $3.86 million, a 6.4 percent increase from the 2017 report.”

"While highly publicized data breaches often report losses in the millions, these numbers are highly variable and often focused on a few specific costs which are easily quantified," said Wendi Whitmore, global lead for IBM X-Force Incident Response and Intelligence Services (IRIS), in the article. "The truth is there are many hidden expenses which must be taken into account, such as reputational damage, customer turnover and operational costs. Knowing where the costs lie, and how to reduce them, can help companies invest their resources more strategically and lower the huge financial risks at stake."

The study examined factors that affect the cost of data security breach, such as having an incident response team, using an AI platform for cybersecurity, and deploying automated security technologies.

Hikvision has taken a proactive approach to cybersecurity to support its partners and end users, and to minimize security concerns and risk of security breach.

Hikvision Proactive About Cybersecurity
Hikvision is proactive about its cybersecurity policies to minimize security concerns. In addition to its online cybersecurity center and a dedicated cybersecurity hotline, Hikvision is also touring U.S. cities this fall for its road show, “Cybersecurity Myths and Facts: Presented by Hikvision,” led by Hikvision’s director of cybersecurity, Chuck Davis.

Davis presents a 90-minute, interactive educational session about cybersecurity, cyber threats and vulnerabilities, myths about the video surveillance industry, and best practices to mitigate potential security breaches. Find out more about upcoming road shows in your area at this link.

For more information about Hikvision programs to reduce security concerns, visit our online cybersecurity center. To read more about the IBM data security breach study, click here to read the entire article.

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