Just for fun, play around with this interactive breach calculator on the IBM Security page, interactivity is a powerful educational tool.
If you are not familiar with all the acronyms in the calculator:
- BCM means business continuity management
- DLP means data loss prevention
- CPO means chief privacy officer
2017 Cost of a Data Breach Study
by Dr. Larry Ponemom – via sponsorship of IBM Security
- 419 companies who had been breached are studied.
- Average cost to resolve a breach is $156 (it’s higher than that in the US).
- Smallest number of lost records for a survey participating company was 2,600.
Now do the math: 2600 records x $156 = $405,600
And yet when JP Morgan Chase studied 597,000 small businesses in Autumn 2016, the average daily cash balance was $12,100
Is it any wonder then, that we repeatedly read or hear so many small businesses don’t survive a data breach?
Ponemon noted in his 2016 Global Cost of a Data Breach study, that there are a number of proactive means to reduce costs of a breach:
Improvements in data governance initiatives will reduce the cost of data breach. Incident response plans, the appointment of a CISO, employee training and awareness programs and a business continuity management strategy result in cost savings.
And please: Be careful out there, Because #RiskcanRuin!!!
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