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Security Breaches – How Bad Are They?

We have all heard about the recent security breaches – Sony, Amazon, LastPass – but the question is, what is the cost of those breaches? Aside from embarrassment – how bad is it for the company. Here is a breakdown of the various costs associated with a breach:

  • Fixing what’s broken – strengthening existing IT security to prevent another breach
  • Replacement – if physical items were stolen
  • Credit monitoring – anyone affected by the breach will be vulnerable to identity theft; the breached company must pay for monitoring to help those who were exposed.
  • Lawsuits! – In large-scale cases – lots of them!
  • Restitution – If there was financial loss to individuals affected.
  • Reputation – a loss of customers is sure to be a result, which will also equal a decline in share price.
  • Loss of Employees – if employees don’t feel that they are not personally protected by their employer, they are likely to find another one.

Unfortunately, the list goes on and on. Key point – don’t let it happen! Check out Sam Alapati’s recent article on preventing a security breach for some great tips.

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