Depending on your industry, the effects of a data breach on customers could range from minimal to extremely severe. For instance, healthcare and financial services are heavily regulated and likely to pay more for compliance failures and breaches than companies in other industries. Additionally, the circumstances surrounding the breach can result in increased fines and lawsuits.
For example, a GDPR fine could be as much as 4% of your annual revenue. Marriott International was fined over 23 million dollars for failing to keep their customers' data secure.
Large and small businesses alike retain counsel as a best practice when triaging a cybersecurity incident. While hourly attorney rates vary case-by-case, they tend to hover around $1000.
Legal fees can quickly add up. In the case of Home Depot when the retailer was ordered to pay $15,300,000 in fees and expenses to lawyers who litigated a class action case against the organization.
The average cost for highly regulated industries comes to $2,300,000 whereas other industries tends to be around $1,000,000.