Cost of data breaches continues to rise

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Cost of data breaches continues to rise

Simon Quicke

The cost of having a data breach continues to rise with negligence by employers of contractors sill causing a significant proportion of the problems.

With the prospect of EU data protection legislation in the wings, which would hand out fines based on a percentage of turnover, the latest figures from Symantec about the costs of breaches should be sober reading for users.

However for the channel the fact that the cost of a data breach has risen by 68% for UK firms in the last five years and is now costing on average £79 for per record should spell out a potential opportunity.

Mike Jones, senior product marketing manager at Symantec, said that although the costs of breaches had gone up so had user awareness.

"We're noticing that companies at risk of data loss are becoming wise to the financial impact of a data breach. These businesses are implementing steps not just to prevent loss but to mitigate the damage, should a breach occur," he said.

"It's not just direct costs - such as fines from The Information Commissioner's Office - that need to be considered, although these help to drive the business case for preventative measures, but also indirect costs such as brand impact and disappointed customers leaving the brand," he added.

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