A data breach is commonly defined as the unlawful and unauthorized acquisition of personal information that compromises the security, confidentiality, or integrity of personal information. Currently, forty-seven states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands have enacted legislation requiring private or government entities to notify individuals of security breaches of information involving personally identifiable information. However, current state legislation varies in terms of:
How much can a data breach cost your organization?
| 2017 | 2018 |
---|---|---|
Average Organizational Cost of a Data Breach | $3.61 million | $3.86 million
+6.93% |
Estimated Cost of a General Data Breach | $141 million | $148 million
+4.96% |
*According to data gathered from breached organizations.
How the data was lost matters
Your customers matter - In 2014, the cost of lost business from a data breach increased from $3.03 million to $3.2 million.
These costs include:
Research reveals that abnormal churn or turnover of customers after data breaches may be a main driver in data breach cost. In fact, the average abnormal consumer churn rate between 2013 and 2014 increased 15 percent.
Your internal breach response team matters
Your partners matter
What else did Kroll see3?
Sources:
1 National Conference of State Legislatures
2 Ponemon Institute, 2018 Annual Study: U.S. Cost of a Data Breach.
3 Kroll internal data
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