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Thursday, April 12, 2007
How Much Would Data Theft Cost You? Calculate It Online
Darwin Professional Underwriters, a specialty insurance company and provider of technology liability insurance, has posted an online calculator to help IT managers calculate how much their company stands to lose from data theft. The Tech//404 Data Loss Cost Calculator is a free, interactive tool designed to assess the impact of a data breach or identity theft data loss incident, according to a release. On Wednesday, Forrester Research Inc. released its own calculations, noting that the average security breach can cost a company between $90 and $305 per lost record.
Analysts at the Farmington, Conn.-based company studied data from media reports, as well as several industry analyst reports, to develop the tool’s proprietary algorithms.
“Until now, organizations have struggled to assess the scope of their financial risk should they be hit with a data loss incident,” said Adam Sills, a lead underwriter with Darwin, in a written statement.
According to Darwin, organizations can use the Tech//404 Data Loss Cost Calculator to estimate their financial exposure in three categories: internal investigation expenses; customer notification and crisis management expenses, and regulatory/compliance expenses.
http://www.darkreading.com/document.asp?doc_id=121698&WT.svl=cmpnews2_1