Data Breaches Cost $2 Million Each
DATA LOSS—AUSTRALIAApril 8, 2010
The 2009 Australian Cost of a Data Breach Study has found that the average data breach results in financial losses of almost $2 million, with companies spending an average of $123 on each compromised record. The Australian reports that while the government is planning to reform the nation's privacy laws, mandatory data breach notification will not be addressed for some time. Although the government has not passed laws "requiring organisations and government agencies to notify customers, employees and other affected individuals when a breach of protected personal information occurs due to human error, technology problems or malicious acts," the study concludes that organisations must do more to defend against increasing data breach threats.