Cybercrime is here to stay, and it’s costing American firms a lot of money. The average annualized cost of cybercrime for global companies has increased nearly 62% since 2013, from $7.2 million to $11.7 million. And these are just the average direct costs. Target, which experienced a massive data breach in 2013, reported that the total cost of the breach exceeded $200 million. Verizon, which recently purchased Yahoo, may have snagged a $350 million discount because of three large-scale Yahoo data breaches that occurred in recent years. Given these costs, what can companies do?
This article was submitted by Jonathan T. Armiger, Armiger Law. If you would like to submit content or write an article for the E-Discovery, Information Governance & Cybersecurity Section, please email Kara Sikorski at firstname.lastname@example.org.