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Community Champion

So you have had a data breach - so what are the costs?

So you have had a data breach, what happens next - what are the implications?  You have done the walkthroughs, the desktop exercises and you feel ready for the inevitable?  Its six months down the road, and it happens.  Is the above sufficient, or will you be found wanting? 

 

https://www.lastline.com/blog/understanding-the-true-cost-of-a-data-breach/

 

Regards

 

Caute_cautim

3 Replies
Community Champion

Re: So you have had a data breach - so what are the costs?

I would also add the cost of staff churn.  Look at Tesla and the number of execs that have recently taken flight. It's not directly related to a traditional data breach but Musk did tweet some really silly stuff-akin to a data breach.

 

It will cost that organization a lot of money to fill those exec positions, get them up to speed and keep them.  Signing bonuses, back-end parachutes, annual bonuses, stock options.  Lots of money.

Community Champion

Re: So you have had a data breach - so what are the costs?

According to the Ponemon Institute the average cost of a singular security breach is USD $3.86 Million.

 

https://securityintelligence.com/series/ponemon-institute-cost-of-a-data-breach-2018/

 

It appears no one is fully prepared for the inevitable these, but rely on cyber insurance to bale them out, if they can afford the premiums.

 

Regards

 

Caute_cautim

 

 

 

 

 

 

 

 

 

Community Champion

Re: So you have had a data breach - so what are the costs?

My personal preference, is if you think you are prepared:  Go visit the nearest Security Command Centre, with your team and go and test your desk top exercises under stressful situations and really learn what it takes to learn some very important lessons, before it is too late and the potentially the organisation is forced into liquidation.

 

Regards

 

Caute_cautim