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Understand the Ramifications of a Data Breach

May 2, 2019 | Ask-An-Expert Writeups | Data Breaches | By Rebecca Herold, IANS Faculty

What's the best way to gauge the cost of a data breach to a financial services organization? In this Ask-an-Expert written response, IANS Faculty Rebecca Herold says it's important to consider common hard costs (direct, residual, etc.) in addition to softer, harder to measure impacts (e.g., brand damage and difficulty hiring). 


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Overview of Data Breach Root Causes

Almost half (45%) of reportable data breaches under GDPR were due to negligent insiders, while 42 percent were caused by third parties. Source: McDermott Will & Emery LLP/ Ponemon Institute: “Keeping Pace with the GDPR Race: A Global View of GDPR Progress,” September 2019.