Global Breach Costs Set to Top $5 Trillion By 2024
Data breaches will result in $3 trillion in global losses for impacted firms this year, and the costs will steadily increase over the coming years to reach $5 trillion by 2024, Juniper Research projects. Actual losses are likely to be higher still, since these figures do not take into account all secondary costs.
Currently the average data breach leads to $3.9m in costs for the targeted organization, although this number rises if more data is compromised. For breaches exposing over one million records, the average cost is calculated at $42m, while massive breaches involving 50 million compromised records cost $388m per incident.