Tag: cost of data breach

The co-existence of open data and privacy in a digital world
Report finds average cost of data breach reaches $4 million

The co-existence of open data and privacy in a digital world

By Cameron Abbott, Keely O’Dowd and Giles Whittaker

Earlier this week researchers from the University of Melbourne released a report on the successful re-identification of Australian patient medical data that formed part of a de-identified open dataset.

In September 2016, the researchers were able to re-identify the longitudinal medical billing records of 10% of Australians, which equates to about 2.9 million people. The report outlines the techniques the researches used to re-identify the data and the ease at which this can be done with the right know-how and skill set (ie someone with an undergraduate computing degree could re-identify the data).

At first glance, the report exposes the poor handling of the dataset by the Department of Health. Which brings into focus the need for adequate contractual obligations regarding use and handling of personal information, and the need to ensure adequate liability protections are addressed even where the party’s intentions are for all personal information to be de-identified. The commercial risk with de-identified data has shown to be the equivalent of a dormant volcano.

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Report finds average cost of data breach reaches $4 million

By Cameron Abbott and Giles Whittaker

A report sponsored by IBM and conducted by the Ponemon Institute found that the average cost of a data breach has grown to $4 million, up 29% from 2013. The survey also found cybersecurity incidents continued to witness growth in both volume and sophistication, with 64% more security incidents reported in 2015 than the preceding year. According to the study, the companies lose $158 per compromised record. Also not surprisingly, breaches in highly regulated industries were even more costly. For instance, healthcare breaches reached $355 per record – a full $100 more than in 2013.

Read the full report conducted by the Ponemon Institute here.

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