Check, Please! Adding up the Costs of a Financial Data Breach

Check, Please! Adding up the Costs of a Financial Data Breach

Posted November 16, 2020

Check, Please! Adding up the Costs of a Financial Data Breach

  • The fact that roughly 206.4 billion emails are sent and received each day means we’re all very familiar with that dreaded feeling of sending an email with typos, with the wrong attachment, or to the wrong contact. But this can be more than just an embarrassing mistake – the ramifications could, in fact, be catastrophic.
  • The consequences of this information falling into the wrong hands could mean the loss of significant sums of money. Emails of this nature are the Holy Grail for cybercriminals.
  • Costs will be wide-ranging depending on the scale of each breach, but at a minimum, there will be financial penalties, costs for audits to understand why the incident happened and what additional protocols and solutions need to be implemented to prevent it from happening in the future. There could also be huge costs involved for reimbursing customers who may have been affected by the breach in turn.

| November 16, 2020