As the chances of a data breach incident increase, savvy businesses have invested time and thought in a response plan. But plans never survive first contact with the enemy. Stress test your incident response plan to find and resolve its weaknesses while time is on your side.

According to the Ponemon Institute’s 2016 Cost of Data Breach Study United States:

  • Lost business is the biggest financial consequence of a data breach. Taking steps to retain customers’ trust reduces a breach’s long-term financial impact.
  • The longer it takes to contain a breach the more costly it becomes. Breaches contained within 30 days of discovery cost an average of $5.24 million. If it takes more than 30 days to contain the breach, the average cost increases to $8.85 million.
  • The average breach in 2016 cost $221 per record. Having an incident response plan and team in place, employee training, board-level involvement, and a CISO in position are associated with reducing the cost of data breach $56 per record.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]