The cost of TalkTalk's security breach has doubled to nearly £80 million
With TalkTalk's annoucement that the cost of their cyber-security breach has more than doubled to £80 million, the business case for decisive proactive measures has only got stronger
Short of time?
'The average consumer is worryingly innocent to the potential risks of data theft and identity fraud online,' said Brian Spector, CEO at MIRACL. The truth is that criminals are harnessing ever-more sophisticated methods to steal personal and financial data, wreaking enormous damage to those involved. This is a multi-billion dollar business and so people must be vigilant.'
Beyond the monetary risks, the study also outlines the wider reputational damage faced by organisations that suffer data breaches. The vast majority of those consumers surveyed (85%) said that they would not use a website or online service again if their details were stolen from that website.
'Companies like TalkTalk who suffer a serious data breach face a multi-headed monster of problems,' continued Spector.
'Not only are they presented with huge compensation claims from victims, but they also have to deal with serious reputational damage. This can lead to a mass exodus of customers and a sharp decline in share value. Cyber attacks aren’t just a problem for IT teams, but a real threat to an organisation’s survival.'