How Much Do Data Breaches Cost Businesses?
Data breaches cost businesses millions in fines, lawsuits, and lost customers. Learn the true financial impact and how to reduce your risk.
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In the United States we pride ourselves on being world leaders, but not when it comes to the number of data security breaches that we fall victim to. According to a report published by The Hill, the United States outpaced the rest of the world concerning the number of data security breaches that took place here. We outdid every other country by leaps and bounds, in fact, and it is quite clear that we will need to work harder in the future to help prevent data breaches from occurring.
Data breaches have become more and more frequent occurrences over time and are only predicted to get worse in the future. Naturally, 2016 was worse in terms of data breaches than 2015, just as 2015 was worse than 2014. Below are a few data breach statistics from 2016:
Several factors contributed to the United States ranking so high in data breaches last year compared to other countries. Part of the reason that so many data security breaches occur in the United States is because the US is home to so many highly valuable companies, which makes the United States an attractive target. The United States is also home to a number of companies that have a large online presences, which makes them particularly vulnerable to cyber security breaches. In particular, the pair of Yahoo data breaches that were disclosed in 2016 occurred in the US and accounted for approximately 1.5 billion exposed records on its own.
Data Security is a dynamic area and Revision Legal is dedicated to staying up to date on the latest developments in the law. Whether you have been involved in a data breach, or a cyber security breach, Revision Legal can help you. We have worked with businesses of all sizes to deal with the aftermath of a data breaches and can provided counsel on how to manage breach notification for those where were affected by the breach under the laws of all 50 states. Since civil fines are available in some states for a failure to expeditiously notify those affected by breaches, it is important that you work with an experienced data breach attorney immediately. You need the legal team from Revision Legal in your corner today. Contact us using the form on this page or call us at 855-473-8474.
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