Friday, July 22, 2011

The Cost of a Breach

According to IBM Systems Magazine the 2010 cost per compromised record was $214, up from $204 in 2009, $202 in 2008, and $202 in 2008 and $197 in 2007.

A couple of hundred dollars is not so bad if you only had one or two records compromised, but what if the total record breach was in the thousands or millions?

What about the loss of customer confidence and trust?  How many customers will you lose as a result of not taking the most basic preparation steps of a Written Information Security Plan (WISP)?  According to the Ponemon Institute, it’s recent study pegged the average 2010 cost of a data breach in the US at more than $7 million.  

This number is bound to rise once 2011 numbers have been tabulated.  Dolvin Consulting works with its partner Cyber Security Auditors & Administrators (CSA2) to help companies determine their risk potential and develop an appropriate WISP plan.

According to CSA2’s June newsletter, the following are just some of the high profile breaches that have occurred this year:
·         Health Net- March 2011
·         Epsilon- April 2011
·         Sony- April 2011
·         Michaels- May 2011
·         PBS- May 2011
·         IMF- June 2011
·         ADP (Automatic Data Processing)- June 2011

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