12 Key Facts About the True Costs of Data Breaches

 
 
By Gina Roos  |  Posted 2016-02-02 Email
 
 
 
 
 
 
 
 
 
 

Recovering from a breach typically doesn't end with remediation. Lingering impacts, particularly if sensitive financial data is breached, can last from several months to several years, according to a new survey conducted by the SANS Institute and security vendor Identity Finder. The study, "Cleaning Up After a Breach, Post Breach Impact: A Cost Compendium," finds that the biggest breaches target personal information, followed by identity and financial information. Not only does the lingering effect cause financial losses due to the need for credit monitoring, information hot lines and credit card reissuance fees, it also can have an impact on brand reputation, sales/revenue, stock prices and customer churn. The survey also revealed that the biggest impact on the cost of post-breach activities includes disruptions to daily work, time to fully remediate, media attention and compliance violations. However, the study finds that organizations can reduce the cost of breaches when they have the right processes to handle post-breach activities and data protections that minimize exposure after a breach occurs. Here are key takeaways from the analysis.

 
 
 
 
 
 
 
 
 
 
 
 

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