A new, no-cost, online tool can help companies gauge the financial impact of a data breach or identity theft incident.
The Tech//404 Data Loss Cost Calculator, from Farmington, Connecticut-based Darwin Professional Underwriters, Inc., asks users to input a total number of affected records. It then uses that information to generate an average cost for expenses related to internal investigation, notification/crisis management, and regulations/compliance, based on what’s known about the cost of similar events in cases that have been made public. In building the calculator, Darwin analyzed data from media reports and industry studies.
“We believe it’s imperative that organizations have a clear understanding of the bottom-line impact of data theft,” says Adam Sills, lead underwriter for Darwin’s technology and information liability initiatives. “The quantification of business risk—even a best estimate—is often the quickest path to building awareness for CEOs and CFOs alike,” he noted.
Assess your own financial risk at this month’s Site to See.