Data Breach Numbers Rise

The latest U.S. Cost of a Data Breach Study indicates a significant increase in not only the out of pocket cost of data breach incidents, but also the cost of lost business created by the turnover of customers due to the breach.

At  $202 per comprised customer, U.S. companies have felt the brunt of data breaches.  Companies that have suffered the most from data breaches are healthcare and financial services type businesses.

In 2008, the average cost for these incidents was $6.65 million.  And the most damaging effect is lost business averaging $4.59 million or $139 per record compromised.

Surprisingly, 49 percent of companies who responded to a current study stated that most breaches actually came from the theft or loss of paper documents, not electronic generated documents.

Source: S. H. Smith & Company, Inc.

Print Friendly, PDF & Email
0.00 avg. rating (0% score) - 0 votes
Categories: Breach Of Security, Identity Theft, Professional Liability

Ready to get your free personalized technology insurance quote?

Help protect yourself and your IT business by getting your fast and easy no-obligation insurance quote. To get started, simply fill out our convenient 4 minute online quote request form and it only takes 2 more minutes to purchase coverage or call us toll free at 1-800-622-7370 to speak to an expert licensed insurance specialist today.