On Average a data breach costs a company US$ 7.2 million averaging out to US$ 214 per compromised record!
We covered one of the largest data breaches in history in a seperate post: Sony Corporation (posted on https://2018.biia.com/data-theft-the-sony-corporation-debacle-widens) . Recently Sony announced that the debacle had cost them just about US$ 170 million.
Business Credit (NACM) quoted in its July/August 2011 edition a report by Symantec Corporation and the Ponemon Institute, which says that the cost of data breaches has increased for five years running. According to the report, an average data breach in 2010 cost a company US$ 7.2 million, averaging out to US$ 214 per compromised record.
The US Congress is now stepping in by proposing a bill ‘The Data Security and Breach Notification Act’. The objective of the bill is to force companies to institute tighter security measures and to respond to data breaches more rapidly by notifying the data subjects. Source: NACM Business Credit July/August Issue