For today’s organization, managing risks to your critical information should be a business priority, not just an IT responsibility. We all know cyber-attacks damage reputations, destroy customer trust, and affect revenues. Yet, many organizations are still left wondering: What’s the true financial impact of a data breach?
Consider these facts:
- Lost business costs average $3.72 million (IBM and Ponemon Institute’s 2015 Cost of Data Breach Study: United States)
- 20% of customers terminate their accounts with breached companies immediately after an incident, and 40% consider it (Ponemon, Lost Customer Information: What Does a Data Breach Cost Companies?)
- 54% of companies believe it can take anywhere from ten months to more than two years to restore a company’s reputation following a data breach (Experian and the Ponemon Institute)
- 60% of breached small organizations close down within six months