| | December 20178CIOReviewIn my opinionFrom major fast food chains to branches of government--and everything in between--it's clear cybercriminals don't discriminate when it comes to breaching businesses' data defenses. Research confirms there have been more than 850 data breaches in the first half of the year, making it more important than ever to know how to respond effectively.There's a lot at stake for a business if a data breach occurs. If your company accepts credit cards, you could be liable for card brand assessments and non-compliance fines, the cost of IT professionals, PCI Forensic Investigators (PFI), outside legal fees, client notifications, and investments necessary to win back customer confidence.According to a 2017 study from cybersecurity firm Kaspersky Lab, a single cybersecurity incident can cost large businesses on average almost $4 million. This figure doesn't account for the impact from the loss of customer trust and confidence. In fact, 31 percent of customers said they terminated their relationship with the business after a breach, according to a First Data report.Experts agree the best way to reduce damage is to act quickly. A recent IBM and Ponemon Institute study revealed organizations that act within 30 days save an average of $1 million. Here are some actions your company can take to mitigate its losses.By Larry Brennan, SVP Merchant Data Security & Cybersecurity Director, Bank of America Merchant ServicesRECOVERING FROM A DATA COMPROMISE: WHAT SHOULD MY BUSINESS DO NEXT?
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