Yet to the average employee, none of these costs exist at all.
When you begin to discuss the recovery process, things like notification costs (you will likely be required to notify those affected that their information has been stolen), detection and escalation costs, post-breach response costs and repudiation losses, you could be looking at a total consolidated price tag of about $7.01 million for a data breach. Keep in mind that this is just the cost associated with the initial breach. Last year, IBM and the Ponemon Institute calculated the average total cost of a data breach in 2016 to be $4 million and the average cost of a stolen or compromised record is valued at $158 -putting the cost of just 100 stolen records at $15,800. Every day, your employees are using the same passwords to protect multiple accounts, uploading important documents to unapproved third-party cloud storage platforms, and connecting work devices to insecure public Wi-Fi networks without recognizing how valuable an Excel sheet or an email password can be to hackers. Some employees do not understand the true value of your organization’s dataĪ major factor contributing to this disconnect are employees who do not understand the true value of your organization’s data. There’s a stunning disconnect between the way your employees’ value and protect their organization’s data and their personal data, which goes a long way towards explaining why so many employees use poor password practices that put organizations in harm’s way. The cause has nothing to do with malware or state-sponsored cyber attacks-it has to do with your employees and the way they view their relationship with the data you trust them with each day. Whether you know it or not, your business has a serious security problem.
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