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: 

  • Bottom line ROI                               

  • Brand

  • Operational expenses 

  • Legal costs 

  • Customer Experience

  • Customer Satisfaction

  • Stock value

  • Employee Engagement  

* For a full copy of the news article click here.

  • Broken customer confidence 

  • Reduced customer satisfaction

  • Increased stress on front-line staff (phone, face-to-face, onlilne) 

  • Lower employee engagement as a result of the stress

COST OF HUMAN ERROR

© 2018 by the Security Culture Institute. All rights reserved.