The cost of a data breach
In 2017, Equifax suffered a massive data breach that affected over half of all Americans and millions of consumers living in the UK. Equifax has reported they have incurred over $1.3 billion in losses from the data breach. Equifax has stated these losses are in direct relation to the breach, incremental technology and security costs, and the losses associated with the legal proceedings and investigations.
What are the costs of a data breach for a small business? The average cost to a small business suffering from a data breach is $90,000 to $125,000 per breach. It is important to remember, this only includes direct costs to the small business. After a data breach a small business will most likely experience an indirect cost well, for example, the loss of customers due to the breach.