The projected cost of a major security breach between 2023 and 2024 is a staggering $2 billion, with the average cost per breach reaching $589 million. This figure represents a significant increase from last year's figure of $531 million, highlighting the growing sophistication of cyberattacks.
Impacted companies often experience a significant decline in stock price, with an average 7% drop within just one month of a breach announcement, profoundly impacting overall financial health.
In the long term, such decline can affect a company's ability to secure financing, maintain investor confidence, and pursue strategic initiatives, leading to a sustained decrease in revenue.
The negative publicity and loss of customer trust will lead businesses to lose customers, impacting competitive positions and future prospects, illustrated by the recent TFL attack that cost several million pounds.
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