The cost of a data breach can be difficult to estimate, but it is far from impossible. If you take into consideration the corporate context, both internal and external factors, the nature and number of records involved in the leak, the ability to promptly detect incidents and leave room for an acceptable level of uncertainty, cost estimates can be highly similar to a real case. Here are four areas to consider when calculating the cost of a data breach. 

  1. Contextual Factors: Location, Industry and Data Types Drive Breach Costs 
  2. Public Relations: Effective Outreach Can Reduce Data Breach Fallout 
  3. Response Time: Slow Time-to-Detect Periods Increase Breach Costs 
  4. Unknown Factors: Even the Best Laid Security Strategy Can Fail