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Banks Seeking to Limit Data Breach Costs of as Much as $305 a Record
By Brian Orsak
printInformation security breaches cost banks and other regulated companies $155 to $305 per exposed record, according to a Forrester Research report. Discovery, notification, and response costs total about $50 a record, Cambridge, Mass.-based Forrester said in the report issued April 10, and regulatory fines range from $25 to $60 a record. Indirect expenses, such as restitution to customers and declines in staff productivity, also boost costs, particularly for highly publicized breaches, the study said. Because the number of records in a single breach can reach into the millions, they "can have a crippling impact on an organization's bottom line," the...
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