How Much Does a Data Breach Cost Your Organization? PGF Consulting Partners, INC can help protect you
A data breach may cost you more than you think!
Did you know that today, we’ve seen businesses pay up to $4 million after a data breach? And those costs seem to only be rising. The longer businesses take to secure their card data, the higher those costs will be. The good thing is PGF Consulting Partners, Inc can help protect you.
Some organizations believe dealing with a data breach might be better than dealing with the difficulties of PCI and HIPAA compliance. Unfortunately, they don’t realize how much damage a data breach can inflict on a business. We personally seen organizations cost themselves over $50,000 because they decided to wait on PCI Compliance.
Let’s take a look at some of the different costs your business could incur as a result of a data breach.
SEE ALSO: How Much Does PCI Compliance Cost?
After a data breach, businesses could face multiple types of financial detriment, which may include:
In addition to these expenses, you need to also consider the cost of damage to the reputation of your brand.
After a breach, many businesses have documented losing up to 40% of their revenue from customers losing confidence in their brand.
Customers losing confidence in your brand will drastically impact your business. That’s a cost that your business may have to deal with even years after the data breach.
With data breaches come the inevitable lawsuits, especially if it’s proven that the business didn’t take the necessary precautions to secure their data. Lawyer fees can add up quickly, ranging from $5,000 to well over six figures.
There’s also the recent ruling that allows the Federal Trade Commission to sue a hacked-company if they didn’t have proper security in place. The fact that more government organizations are getting involved in data security demonstrates how serious the government considers data breaches to be, and emphasizes the need to actively secure your company and client data.
Protecting your data
Some basic security practices you can follow include:
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Paul Freitag, Owner & President
Paul Freitag guides you through the world of credit card processing fees and cyber security. He is a industry expert and professional that will make sure your compliant with new laws and ready for the 21st century!