How to Respond to a Data Breach

Costs of a Data Breach
A data breach can take a tremendous financial toll on your business. Here are just some of the costs associated with a breach identified by Einstein:

• investigative costs - i.e., what happened?;
• fixing what went wrong;
• notification and associated expenses (e.g., giving customers free subscriptions to a credit monitoring service);
• business disruption;
• addressing state attorneys general;
• potential class-action lawsuits; and
• lost business revenues.

Einstein cited research from the Ponemon Institute that put a value of $125 per record breached for retail companies. As you can see, the costs can add up fast.