Data breach: What are the costs?
15. September 2016
Although it is difficult to predict the exact costs of a data breach as it depend on the individual case, the new Ponemon-IBM study tries to examine the costs arising in such a case.
The results can be summed up so that
- the average breach caused $4 million in damage or in other words
- roughly $158 per lost record have to be paid.
Privacy Ref, Bob Siegel tried to analyze what a data breach would cost for individual organizations as a part of a project with St. Joseph’s University professor Ronald Klimberg. For this projects undergraduate data analytics students compete to create the best metric in order to predict the impact of a data breach on an organization.