This figure includes legal fees, settlements, cost of notifying consumers and canceling affected credit/debit cards.
On average, Authentify estimates that a company that experiences a data breach sees a cost of $188 per compromised record. Further, on average, more than 28,000 records are compromised in a typical data breach, the firm states.
But it's not just the cost to the affected organization that needs to be calculated. There's also a cost to consumers as well.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio