Putting a Price Tag on Security Incidents and Examining the Cost of a Data Breach

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1Q 2022 | IN-6407

 

"Monetizing" Past Security Incidents?

NEWS


Organizations that have been the victim of cyberattacks and data breaches are not exactly forthcoming and eager to share the news to the public sphere. Loss of shareholder and customer trust, disruption of operations, and loss of business and long-term market share are just some of the top concerns for businesses affected by a data breach. Security vendors are making light of these cyber-attacks as part of their standard marketing operations and an increasing number of them might even result in blatant fear tactics to advertise their services.

There are, however, two key metrics that are used to influence Chief Information Security Officers (CISOs) and Chief Security Officers (CSOs): loss of business and operational disruption in the aftermath of a data breach. These two metrics can be quite effective, particularly when there is concrete evidence from past breaches and security incidents that can been recorded and examined by security service providers, emergency response and cyber insurance providers, industry, and standardization organizations. Additionally, one cou…

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