The largest breaches over the past three years have caused massive and irreparable damage
A new report by Bitglass highlights how costly large data breaches tend to be for targeted firms. The research found that publicly traded companies that were hit by a massive breach in the last three years saw their stock price drop by 7.5% on average.
The research analyzes the three biggest breaches for each of the past three years, including the Marriott breach of 2018, the Equifax breach of 2017 and the Yahoo! breach of 2016. It found that the breaches impacted 257 million people on average, with expenses averaging $347 million. The average post-breach market cap decrease was $742 million, although this number does not include the $43 billion Facebook lost in market cap.
Rich Campagna of Bitglass says the research shows that “[t]he largest breaches over the past three years have caused massive and irreparable damage to large enterprises and their stakeholders around the globe,” which “should serve as a stark warning to organizations everywhere.”