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How to React to a Payment Card System Data Breach

This entry is part 28 of 30 in the series Data Security

What are the true costs of a data breach? On the one hand, there are monetary damages: the estimated average cost per breach in the US is $7.9 million. Coupled with potential fines for negligence plus legal fees, and suddenly it’s no surprise that around 60% of small businesses will go out of business within 6 months after a significant breach and around 43% of all cyberattacks target small businesses because of presumed vulnerabilities. On the other hand, there are the less tangible costs of a cyberattack, such as organizational integrity and customer trust. Whether it’s your fault or not, a data breach will compromise the public’s perception of your business, although the extent of it will really depend on the actions you take immediately following the breach.

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