The cost of a data breach
by. Michael Ogden
According to a Ponemon Institute report, the average total cost of a data breach is $3.5 million. And that breaks down to $145 for each lost or stolen record containing sensitive and/or confidential information!
There was a lot of chatter at ACUC about Jay Isaacson’s presentation about “Cyber and Data Security Losses.” He talked about the “significant dollar losses and reputational damage done to companies.
According to the 2014 Verizon Data Breach Investigation Report, there were 1,367 data breaches in 2013 – 465 of those were in the financial industry. Isaacson said, “Network security is only as strong at the weakest link.”
He asks credit unions to try and answer these questions when it comes to responding to a cyber-attack:
- Does your credit union have an Incident/Breach Response Plan?