The costs of a data breach add up quickly. A report published by First Data, a major credit card processing company, drives home the cold hard reality of the direct costs of a cyber attack and the potentially devastating effects beyond actual expenses. Their report focuses on compromised customer credit card data as opposed to other forms of cyber attacks. Here is their outline of direct and indirect costs:
Direct Costs
- A mandatory forensic examination
- Notification of customers
- Credit monitoring for affected customers
- PCI compliance fines
- Liability for fraud charges
- Card replacement costs
- Upgrade or replacement of POS system
- Reassessment for PCI compliance
Indirect Impacts:
- Damage to your brand and business reputation
- Bad press
- Loss of credit payment privileges
- Your time
