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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