With privacy laws imposing significant requirements for personal data breach notifications and possibilities of fines, the question is what does a data breach cost? In this video, I share the actual cost of a breach as per research.

It is very challenging to estimate the exact cost of a personal data breach. This is because it is not possible to exactly estimate the reputational, operational and legal costs.

Various studies indicate that a personal data breach costs anywhere between $ 1 million and $ 8 million based on size and location of company and the type of personal data breached.

In 2019, a study by IBM and Ponemon Institute indicated that
the average cost of a data breach is $ 3.92 million and in the healthcare industry this becomes $ 6.45 million. This translates into cost per lost record being $ 150. And, the time to identify and contain a data breach being 279 days.

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