Data Breach Fallout: The Costly Consequences for Businesses in the Aftermath

The increasing prevalence of data breaches, with 86% using stolen credentials, can cause significant financial and reputational damage to businesses. Costs can range from $38K for small businesses to an average of $9.48M overall, and massive losses of customer trust. Preventive measures include employee training, creating a data breach response plan, and working with cybersecurity professionals. In case of a breach, businesses should involve forensic specialists, dedicated lawyers, stop using infected devices, backup critical data, and notify all relevant parties.