Intelligent CISO Issue 05 | Page 19

cyber trends The average time to identify a data breach in the study was 197 days and the average time to contain a data breach once identified was 69 days. Whitmore, Global Lead for IBM X-Force Incident Response and Intelligence Services (IRIS). Dr Larry Ponemon, Chairman and Founder of Ponemon Institute www.intelligentciso.com | Issue 05 Hidden figures – calculating the cost of a mega breach “The truth is there are many hidden expenses which must be taken into account, such as reputational damage, customer turnover and operational costs. In the past five years, the amount of mega breaches (breaches of more than one million records) has nearly doubled – from just nine mega breaches in 2013 to 16 mega breaches in 2017. “Knowing where the costs lie and how to reduce them can help companies invest their resources more strategically and lower the huge financial risks at stake.” Due to the small amount of mega breaches in the past, the study historically analysed data breaches of around 2,500 to 100,000 lost records. 19