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average cost of data breach rises to £3.14 million for large companies

4 June 2015

Data breaches are on the rise and the average cost of each breach is increasing too, according to a government-commissioned survey of UK businesses announced yesterday. Over the last year, nine out of ten large companies were affected by a data breach and the average cost of dealing with the breach, including business disruption, loss of sales and recovery of assets, reached between £1.46m and £3.14m. SMEs have not been unaffected either, with a 14% increase in incident rates and the costs of resolving issues rising by up to 40%.

One of the most interesting statistics to arise from the survey, is that half of the worst data breaches were thought to be caused by human error. With the majority of survey-respondents suggesting that security breaches will continue to rise this year, there has never been a better time to ensure that all employees dealing with data are adequately trained and that costly mistakes are avoided.

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