When a breach occurs on a small- or medium-sized business, and they have customer data exposed, the business has a 60% rate of closing within 6 months. What causes the most financial impact on the business?
The most significant financial impact on a business after a data breach is the cost of remediating the breach. This includes the cost of hiring a security firm to investigate the breach, the cost of notifying customers of the breach, and the cost of any legal fees associated with the breach. Additionally, the business may suffer from lost customers, lost revenue, and reputational damage, all of which can have a significant financial impact.
