How Consumers Foot The Bill For Data Breaches
2014 might just be remembered as the year of high profile data breaches. Companies such as eBay, PF Chang's, and the University of Maryland have already been targeted and new attacks are being uncovered almost daily. Consumers are beginning to shrug off the news as a normal cost of paperless e-commerce. This is truly unfortunate because the average consumer will end up footing a portion of the bill for a data breach. This is true whether or not their personal information was compromised during the breach.
Consider the attack on Target stores during the 2013 holiday buying season, which resulted in 40 million credit card records being compromised. The infographic below allows the total cost of an average data breach as it trickles down to the consumer.
Two-factor authentication services from Authentify can help protect both the consumer and retailer, or other enterprise site, in the event of a major data breach. You can learn how by reading this case study with examples.
Your thoughts? It's an understatement to say that the mischief-makers are getting more and more sophisticated. Have you been affected by a data breach? Share your thoughts in the comments section below.
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