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2019 has been widely quoted as being the year in which the most data breaches were reported. The costs of which can be expected to the significant. Whether you measure the impact on the costs per record, enforcement costs or remediation costs. No matter if it’s the top or bottom line, a cyber attack and a data breach is going to cost. $4Bn maybe a bit high, the global estimates of NotPetya were between $4bn and $8bn. But I can imagine that they will be significant.
If 2020 is representative of 2019, it maybe the case that costs of cyber and data breaches will only increase. The CCPA came into force, GDPR is being tested and CMMC is on its way. That’s on top of NYDFS and basic regulation associated with managing corporate obligations as a board member (SEC 2018), to name a few. Reading a number of class actions recently there is a common factor I have found; in each case the legal teams bring into question the basic security posture of the company affected.
Regulatory and legal exposure is changing, enforcement fines and class actions will rise. With additional costs added to the top and bottom line.
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