In today’s digital-driven age, keeping business and customer data secure is more important than ever before. Not only are data breaches extremely costly, they’re also incredibly disruptive to business. Once a breach occurs, organizations have to move quickly to remedy it. Let’s hope customers won’t be too upset when they find out what’s happened.
Just how expensive are breaches? Hold your breath. A recent study revealed that the average data breach sets a company back $3.9 million. More granularly, they can expect to pay about $150 per compromised record. The price tag is even heftier in the healthcare industry, with the average breach costing upwards of $6.45 million. What’s more, U.S.-based companies feel the brunt of the pain, with the average data breaches setting them back $8.19 million.
But, when it comes to data security, financial impacts aren’t the only thing to worry about. Businesses need to be mindful of several other serious consequences, including theft of intellectual property and unhappy customers.
