What are Typical Cyber Security Breach Costs?

Cyber security breaches can come in many different shapes and forms. Essentially someone has either done damage to your systems, has stolen your information, or has locked you out of your own information. Let's have a look at those three categories in a bit more detail:

 

table   actual cost of IT security breach

The core message here is that the mostly companies will experience minor breaches, but they will happen more often and the accumulated cost of that will be significant over time. More serious breaches though likely to occur far less often will carry a significantly bigger business impact, with many companies actually ceasing to operate within 6 months.

Of course there are other costs associated with breaches, such as the cost to conduct mandatory reporting (or a fine for failing to report). Cyber security insurance premiums can also be reduced by proactive efforts to reduce IT security risk (such as undertaking audits, and training staff).

 

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