It can be really hard to calculate the true cost of a breach. You can add up the numbers on things like total work hours spent responding or total new buys of hardware or software, but how can you calculate lost business or brand damage? Or loss in stock value? This gets hard. But it is important to try.
Read why Jason Hart says it is important to know the true cost of a data breach on Tech Radar :
While almost every other company has been a victim of a data breach, the cost of a data breach often differs from company to company. After the implementation of the General Data Protection Regulation (GDPR) back in May, data breach notification laws have undergone a humongous change. One of the biggest changes centered around transparency, specifically businesses being forced to reveal within 72 hours if they have suffered a breach. While the US has had this type of policy for a while, businesses in the EU were not required to publicly state when a breach occurred, leaving them free to keep significant news like this from their customers. But now that things have changed, and it’s starting to heat up in the EU.
Read his full article here.