May 17, 2022
1 mins read
Most leaders are certainly aware that data breaches cost their companies money in terms of fines, fees, and legal fights, but let's take a closer look. you may enroll for cyber security certification course to get better clarity. I once overheard a security expert remark that the cost of a breach should not be used as a foundation for increased expenditure because the costs connected with a breach do not outweigh the benefits of omitting security. As I shall explain, the cost-benefit analysis will be based on the company and the extent of the security incident.
The damage to an organization's brand following a data breach may be difficult to assess, but consider this. The cost of the breach includes money lost if customers refuse to utilize the service. Customers that choose not to use your product, invest in your firm, or buy from your store or website following a breach may incur a loss of revenue.
Although some businesses recover from data breaches, who can claim that they would not have achieved even greater success if the incident had not occurred? How far did their rivals get ahead of them while they were dealing with the incident? According to previous Verizon data breach reports, the impact on a brand may be greater if financial data is lost.