The cost of a data breach eventually hits your wallet and bank account.
I was very surprised, when I was talking to someone, to hear them say: yes, I have heard of some violations. In the cybersecurity industry, we live in a bubble and see news about breaches all around us. Others don’t. So for everyone who doesn’t understand this Hundreds of data breaches happen every day, if not thousands, and these are just the breaches we are aware of.
Need proof? Search for a data breach in Google and click on news. Go to state government pages where businesses are required to report data breaches. Have a look on Verizon Data Breach Report and the IBM Data Breach Report. These reports include only what companies are required to report and reports from companies that comply with these laws.
And you shrug your shoulders. Yeah. SO?
Why this is important to you is that when you go to the hospital, you want to be able to access your appointment. When a hospital in my town, Savannah, was destroyed, some patients could no longer be accepted.
You don’t like it when the price of your gas goes up either, do you? Well, it increased after the attack on the Colonial Pipeline in my state, Georgia. He never came down completely. It’s not just a question of politics or economics.
In fact, the price of All increases due to data breaches. For what? Because every time a data breach occurs, companies have to spend millions of dollars to fix it. IBM publishes a report every year on the cost of a data breach. I talked about it in my book at the bottom of this article. This year, the average cost of a data breach was $4.45 million.
Who pays for this? Everyone.
Aside from the cost of a data breach after the fact, businesses all invest more to avoid significant losses later. It’s all about risk. Businesses…