The incurred cost of being hit with a data breach for small and large corporations rose by double digits over the last five years to almost $4 million per breach.
IBM’s worldwide annual study looking at the financial impact suffered by data breach victims rose 12 percent over the last five years, with larger firms – those with more than 500 employees – losing $3.92 million, and smaller enterprises – those with fewer than 500 workers – suffering losses of $2.5 million.
IBM also looked at the long-term impact of a data breach, noting that while 67 percent of the financial damage is incurred during the first year, 22 percent is accrued in the second year and 11 percent in the third year after the breach.
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