In an earlier post, we read that the data breach against Target in late 2013 could cost over $500 million dollars (USD) in the end. While that amount is staggering, it is likely due to the number of sensitive records compromised and the size of the corporation itself.
The Ponemon Institute conducted a global study sponsored by IBM on the cost of data breaches. It reported the following:
According to our research, the average total cost of a data breach for the 350 companies participating in this research increased from $3.52 to $3.79 million. The average cost paid for each lost or stolen record containing sensitive and confidential information increased from $145 in 2014 to $154 in this year’s  study. (source)
This can give you a good estimate of what a data breach would cost your organization. Tally all of your sensitive records (customer and vendor records, past and current employee records, etc.) and multiply that by $154.
Or, without even going into that calculation, the Ponemon study reports an average cost of $3.8 million for a data breach. Consider that cost versus how simple and affordable a two-factor authentication solution can be, a solution such as GreenRADIUS. This extra layer of security can thwart attacks and also keep organizations compliant with user authentication regulations, all in an inexpensive package. Contact us today to learn more.