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The average cost of a data breach is now $4 million

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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.

Read the full story atHelpNetSecurity