IBM Report Says Data Breach Costs Are Rising

In the latest weekly update, Information Security Media Group editors discussed insights from IBM’s data breach report, significant leadership changes at Check Point, and the potential impact of the upcoming U.S. election on federal cybersecurity policy.

See Also: Effective Communication Is Key to Successful Cybersecurity

The panelists – Anna Delaney, director, productions; Mathew Schwartz, executive editor, DataBreachToday and Europe; Michael Novinson, managing editor, ISMG business; and Chris Riotta, managing editor, GovInfoSecurity – discussed:

• The new study by IBM revealing that the average cost of a data breach has risen by 10% to a record $4.9 million and that involving law enforcement in ransomware attacks reduces costs by $1 million through faster resolution and a lower chance of ransom payments;
• Firewall giant Check Point Software’s choice of the former head of an Israeli cybersecurity incubator to be the second CEO in its 32-year history;
• The many uncertainties in the upcoming U.S. election, including Vice President Kamala Harris entering the race and the potential return of former President Donald Trump, which raise questions about how these developments might affect federal cybersecurity policy.

The ISMG Editors’ Panel runs weekly. Don’t miss our previous installments, including the July 19 edition on what the CrowdStrike outage taught us so far and the July 26 edition on the CrowdStrike outage – one week later.