One of the biggest headaches your company can endure is a data breach. Whether its caused by employee error or targeted cyber attacks, the long term costs a data breach has on your organization can be staggering.
Here’s a quick analysis of the true cost of a data breach, powered by IBM’s 2018 Global Cost of a Data Breach.
Consumer confidence is at stake when a data breach occurs. Customers do not want to do business with companies if they feel that their personal and financial information could be at risk.
There are a few ways to mitigate the loss of customers. Offering victims of the breach identity protection services, statements from senior-level leadership, and a quick, visible response to the incident all help to reduce the loss of customers.
The volume of the information stolen can also have a huge impact on the cost of a data breach.
After a data breach, there are many different actions that need to be taken that will drive up costs.
Customer costs such as issuing new accounts, legal costs, discounts, identity protections services, regulatory fines.
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