![]() Across industries, the largest single factor contributing to the cost of a data breach is the lost revenue resulting from lower customer retention and recruitment rates.ĭuring an attack, systems cannot process data or provide services to customers, resulting in business losses until the organization can repair them. The impact of a data breach is especially significant in the healthcare sector, where patient confidentiality is an obligation. The cost of data breaches is at a record high and will likely continue to rise. Organizations may lose customers and investors after a breach, and regulatory bodies may require them to pay hefty fines. Additional factors that push up costs include legal penalties, lower productivity, and reputational damage. The actual cost extends beyond the immediate business disruption and technical remediation burden. Many organizations suffer from the surge in cybercrime, especially from the growth in ransomware attacks. What Are the Consequences of a Data Breach?Īccording to the IBM Cost of Data Breach report, the average cost of a data breach in the US is $4.24 million.The negative consequences of a data breach can include business disruption, fines, reputation loss, and legal exposure. If threat actors gain unauthorized access to this data and view or steal it, the organization is held accountable by laws and regulations governing data protection. ![]() Organizations handling and storing personal data are responsible for protecting it. It may affect various types of confidential information, such as trade secrets, personal health information (PHI), and personally identifiable information (PII). After gaining access to the data, a threat actor may attempt to steal, disclose it, or extort the data owner.Ī data breach can occur in any organization, including small businesses and enterprises. A data breach occurs when a threat actor gains unauthorized access to protected data, usually as part of a cybersecurity attack.
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