Lost Clients, Lost Trust, and More: The Hidden Costs of a Data Breach
You’ve probably seen the stats by now: data breaches can be massively expensive. The average cost of a breach in 2021 was $4.24 million globally, and for US companies that figure shoots up to $8.64 million (in 2020). No matter the size of your business, the financial costs of a data breach are concerning enough to get serious on your digital security. But the financial costs aren’t the sum total of what you’ll deal with in a breach. In fact, they’re only a small piece of the puzzle. Data breaches cause far more damage than just the monetary sort. Consider these hidden (and not so hidden) costs that you’ll face if your company goes through a data breach this year. 1. You Will Lose Clients First, if you encounter a data breach, you will with near certainty lose some of your clients. Your clients are expecting you to keep their information secure, and some of them will take a breach as serious enough to move on to a competitor. As a result, you’ll have to deal with the monetary costs of...