The Cost of Data Breaches

I see that yet another bank has come clean about a loss of personal data information. This time it’s Bank of New York Mellon. They have admitted to losing tapes containing personal details of 4.5 million customers.

Interestingly they are offering identity theft insurance to all affected customers. Given that such insurance costs around $50 a year, it means a theoretical loss of hundreds of millions of dollars on top of all the incident response costs. 

Who said that it’s hard to make a business case for security?

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