BUSINESS BENEFITS
COST AND IMPACTS
The average cost of a data breach suffered last year by 27 Canadian companies was $5.78 million, or $255 per lost or stolen record, according to a study described in IT Canada* on June 20, 2017.
It was the third annual report, paid for by IBM [NYSE: IBM] and conducted by the Ponemon Institute, part of a survey of 419 breached organizations in 11 countries and two regions.
The good news is that the Canadian numbers represent a four per cent decrease in the total cost of a data breach among the group studied, and a nine per cent decrease in the cost per lost or stolen record, compared to the 2015/2016 study period.
The bad news is it’s still a lot of money.
A security compromise will have the following impacts on an organization:
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Bottom line ROI
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Brand
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Operational expenses
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Legal costs
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Customer Experience
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Customer Satisfaction
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Stock value
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Employee Engagement
* For a full copy of the news article click here.
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Broken customer confidence
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Reduced customer satisfaction
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Increased stress on front-line staff (phone, face-to-face, onlilne)
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Lower employee engagement as a result of the stress