It’s no secret that recovering from a data breach can get very expensive, very fast.
In addition to lawsuits and legal costs, companies often end up hiring crisis PR firms, setting up call centers to notify affected victims, dealing with insurance costs and taking a big hit to their reputation. After all that, they usually still need to pay for all of the enhanced protections and capabilities that most security experts recommend in the first place.
“Even as we’re talking about a $2.3 million fine and class action lawsuit, the long-term impact is going to be much more costly,” said Catherine Lyle, head of claims for cybersecurity insurer Coalition.
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