Average Cost of Data Breach About $4 Million

Strengthening defenses against cyber-attackers is important, but companies also need to prepare for the damage to their financial situation and their reputation that data breaches cause, often for years after the fact. According to an annual report from IBM and Ponemon Institute, the average cost of a data breach has risen 29 percent since 2013. The factors that cause long term damage include insurance premium increases, increased cost to raise debt, lost value of customer relationships and loss of intellectual property.