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

Data breaches are increasingly frequent due to AI’s expansion, with personal information being the main target. Businesses suffer severe repercussions from these breaches, with the average cost for a US business being $9.48m. Breaches also damage a business’s reputation, causing some customers to stop purchasing. Businesses can reduce breach risk by training employees in phishing detection and having a data breach response plan. Should a breach occur, companies should hire a forensic specialist, contact a lawyer, cease the use of infected equipment, and back up critical data.