A new report from a Bloomfield risk management company finds that 65 percent of business decision makers surveyed expect to suffer an information security breach – at an average cost of almost $ 1 million and a recovery time of two months.
NTT Com Security, a global information security and risk management organization, said in its report survey participants expect to suffer severe monetary and reputational consequences from an information security breach. Respondents estimate a breach would take nine weeks to recover from and would cost, on average, $907,053, – even before taking into consideration the cost of any reputational damage, brand erosion and lost business.
Additionally, decision makers approximate the connected remediation costs would include legal fees, compensation to customers, third-party resources and fines or compliance costs. Other expected remediation costs include PR and communications and compensation to suppliers and employees. Further, companies predict a 13 percent drop in revenue as a result of a breach.
There will also be a career impact from the breaches. One third of business decision makers also expect to resign or expect another senior colleague to resign as a result of a breach.
The survey was conducted among 1,000 business decision makers in the U.S., England and various European countries.
