But the cost to a company's reputation goes much higher.
The average data breach cost has grown to $4 million, representing a 29 percent increase since 2013, according to the Ponemon Institute. According to the study, leveraging an incident response team was the single biggest factor associated with reducing the cost of a data breach – saving companies nearly $400,000 on average (or $16 per record). In fact, response activities like incident forensics, communications, legal expenditures and regulatory mandates account for 59 percent of the cost of a data breach. Part of these high costs may be linked to the fact that 70 percent of U.S. security executives report they don’t have incident response plans in place.
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