Data Breach Cost Hits £1.9 Million

The cost for an average data breach in the UK increased significantly in 2010 as businesses were hit hard by cyber criminals, according to a report.

The average cost to UK organisations is £1.9 million in 2010, up 13% from 2009 and 18% in 2008 the data from Symantec and Ponemon Institute data showed.

Criminal or malicious attacks were the cause of 29% of all data breaches, rising from 22% n 2009.

The most expensive incident in 2010 cost the affected firm £6.2 million, compared to £3.9 million the previous year.

Director of product marketing in the EMEA region for Symantec, Robert Mol, said he thought the increased cost of data breaches was mainly down to the highly sophisticated attacks used by cyber criminals.

"The fact that organised crime is now adopting a very sophisticated methodology to penetrate systems and look for confidential information that they can sell for an economic benefit is really influencing the cost of the breach."

"It means businesses will have to start implementing several layers of protection rather than looking at the perimeter of the company," Mol said.

In determining the cost of an average breach, Symantec tool a variety of factors into account including loss of business, the recovery process and the expense of detection technologies.

The findings were based on actual data breach experiences of 38 UK companies from 13 different industries.

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