One ‘Mega’ Data Breach Can Cost a Company $392 Million

Illustration of computer security threatsCompanies that have invested in automated technologies are coming out ahead.

By Rick Richardson

The average cost of a “mega” data breach has risen astronomically over the past year, and enterprise players impacted by such a security incident can expect to pay up almost $400 million.

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Data breaches are a commonplace occurrence now, and cyberattacks launched against companies have spawned a new cyber insurance industry, the emergence of regulatory and class-action lawsuits against firms that fail to protect data, and new laws – such as the EU’s GDPR – that can be used to impose heavy penalties against data controllers with lax security.