Torsion Information Security Blog

Exploring the business and technical implications of information security.

How to calculate the cost of a data breach

How to calculate the cost of a data breach Torsion Information Security

This method of activity-based costing incorporates a range of activities and their associated costs of a data breach:

Detection and escalation – Activities that enable a company to detect a breach.
— Forensic and investigative activities
— Assessment and audit services
— Crisis management
— Communications to executives and boards

Notification – Activities that enable the company to notify all parties involved and affected
— Emails, letters, outbound calls or general notice to data subjects
— Determination of regulatory requirements
— Communication with regulators
— Engagement of outside experts

Lost business – Activities that aim to mitigate the loss from a data breach
— Business disruption and revenue losses from system downtime
— Cost of lost customers and acquiring new customers
— Reputation losses and diminished goodwill

Ex-post response – Activities to help victims of a data breach
— Help desk and inbound communications
— Credit monitoring and identity protection services
— Issuing new accounts or credit cards
— Legal expenditures
— Product discounts
— Regulatory fines

Torsion software precedes all of these cost centres as it monitors and controls data access automatically, preventing and highlighting any potential data breaches.

Contact us at info@torsionis.com to significantly reduce your cost of a data breach.

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