From: Out-Law.com

The worst data breach incidents are costing UK businesses between £1.5 million and £3m on average through business disruption, lost sales and assets and damage to reputation, new research by the UK government and consultancy PwC has found.

The most severe data breach incidents experienced by large businesses cost those companies at least £1.5 million on average and in some cases more than £3m, the information security breaches survey 2015 found. Almost all businesses experienced at least one data breach incident in the past year, with 90% of large organisations and 74% of small businesses reporting a security breach in the survey.

“This is a real reminder of the true costs of information security beaches, over above the potential for regulatory fines and civil claims, and the administrative costs are set to rise under the General Data Protection Regulation currently being negotiated at EU level,” said data protection law expert Lucy Jenkinson of Pinsent Masons, the law firm behind Out-Law.com.

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