What Factors Contribute to the Cost of a Data Breach?

On average, according to the 2019 Cost of a Data Breach Report, it takes 279 days to contain a data breach, up from 266 days last year. "I think it's true we're getting better identifying data breaches," says Dr. Larry Ponemon, chairman and founder of the Ponemon Institute. However, at the same time as organizations improve their security postures, cybercriminals are becoming stealthier.  While factors such as a lack of preparedness or third-party risk can amplify the cost of a data breach, the good news is that, according to the findings in this year's report, incident response strategy, encryption technology, and other factors can mitigate the financial impact of a breach. In fact, the combination of having an incident response team and testing that plan can save $1.2 million for a business. Dr. Ponemon returns to the podcast to discuss the lifecycle of a data breach, variations by industry and region, and why organizations are increasingly sensitive to privacy and data protection. For more security stories, visit SecurityIntelligence.com or follow IBM Security on Twitter and LinkedIn. Explore the 2019 Cost of a Data Breach Report at databreachcalculator.mybluemix.net.