Once again, it's time to analyze the multitude of reports and surveys on data breaches and hacks from 2018. And, unfortunately, the trend for costs continues upward. According to the IBM/Ponemon Institute's 2018 Cost of a Data Breach study, the cost of loss for an individual record rose from $225 to $233. An individual record is any amount of personal, non-public information on clients, employees, or any other person or entity. That includes Personally Identifiable Information (PII), Protected Health Information (PHI), trade secrets, non-public financial information and generally anything deemed sensitive or private by any entity entrusting you with the information.
This year's average cost of a data breach to a small business was measured at $120,000, up from $117,000 the previous year.
What may hit home for you more is the annual survey of small businesses by Kaspersky Labs. This survey measures actual costs as surveyed from business owners and decision makers. This year's average cost of a data breach to a small business was measured at $120,000, up from $117,000 the previous year. This number is more generic and covers any data breach for any reason with all measurable costs involved.