The high profile cyber attack victims that make the news – blue chip businesses, government departments and communications service providers – are just the tip of an iceberg.
According to recent research compiled by PwC, the average cost of a data breach incident nearly doubled between 2014 and 2015. Companies with more than 500 employees that suffer a breach, says PwC, can look at costs starting at £1.46 million – up from £600,000 in 2014. The high end of these costs now averages out at £3.14 million. A high proportion of businesses experienced at least one data breach incident in 2015, and the figures from PwC show an overwhelming problem for big business.