What is the cost of a data breach?

[InfoSec News <alerts () infosecnews org>]

https://www.csoonline.com/article/3434601/what-is-the-cost-of-a-data-breach.html

By Dan Swinhoe
Editor
CSO
May 8, 2020

Data breaches and security incidents are becoming increasingly costly. Canadian 
lender Desjardins Group recent revealed it had spent C$70 million ($53 million) 
in the wake of a breach earlier in the year that exposed personal information 
of 2.9 million members. Manufacturer Norsk Hydro said the final bill for its 
crippling cyberattack could be as high as $75 million. British Airways and 
Marriott have had to add $100 million each onto the final cost of their 
incidents after falling foul of GDPR.

While these examples are the most high-profile and extreme ends of the scale, 
the financial impact of suffering a data breach continues to increase year over 
year for companies of all shapes and sizes. The average cost of a data breach 
has risen to $3.92 million, according to a new report from IBM and the Ponemon 
Institute.

The report shows a 1.6% increase in costs in 2018 and a 12% rise over the last 
five years. This include a combination of direct and indirect costs related to 
time and effort in dealing with a breach, lost opportunities such as customer 
churn as result of bad publicity, and regulatory fines.

[...]



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