The Ponemon Institute’s 2014 Cost of Data Breach Study: Global Analysis, sponsored by IBM, reveals that the average cost of a data breach to a company rose 15% to $3.5 million dollars. Costs vary by industry and type of breach (malicious code, error, etc.) but in all cases the most critical factor to controlling costs is keeping customers from leaving.
As a preventative measures, companies are admonished to have an incident response and crisis management plan in place. Efficient response to a breach and containment of the damage has been shown to significantly reduce the cost of a data breach.
Incident Response Services
- Breach assessment and consultation services
- Creating an appropriate and compliant response
- Managing the notification process to all parties
- Unlimited toll-free access to fraud specialists
- Distribution of credit and monitoring services
- Interaction with CRAs and law enforcement
- Media plan creation and interaction with press
- Creation of secure web portals to expand notice
- Periodic reporting of the response to the company