Comments
The True Cost of Data Breaches
Newest First  |  Oldest First  |  Threaded View
Becca L
50%
50%
Becca L,
User Rank: Author
8/31/2014 | 7:32:37 PM
Re: Eye-opening
It seems to me that with the frequency of data breaches being so high these costs should be built into the budget.

Also, the $5 notification cost probably includes the cost of mass postage to alert customers to data breaches, and I for one would be thrilled to stop receiving these notificatioms by snail mail - they are several pages long and it's just junk. No matter how often I elect the paperless option it never stops coming! Yes, it's the smallest part of the overall data breach cost, but over an average 28,000 accounts that's serious savings.
Becca L
50%
50%
Becca L,
User Rank: Author
8/31/2014 | 7:26:05 PM
Eye-opening
$188 to wrap up each customer record seems way too much. Costs of notification, card replacements, etc included, are there no wholesale savings or greater efficiencies firms could have in place?

 

 


Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.