{"id":11633,"date":"2020-05-13T11:54:47","date_gmt":"2020-05-13T11:54:47","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=11633"},"modified":"2021-12-02T09:25:25","modified_gmt":"2021-12-02T09:25:25","slug":"data-breach-could-mean-tech-companies-lose-174-million-per-day","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/data-breach-could-mean-tech-companies-lose-174-million-per-day\/","title":{"rendered":"Data breach could mean tech companies lose $174 million per day"},"content":{"rendered":"
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Millions of sensitive data tracks lose could eventually lead top-earning tech companies on average to lose $174 (\u00a3141) million per day, according to records;a following\u00a0new report displays that there could be financial impact of severe and catastrophic data breaches on top companies and social media platforms.\u00a0Apple<\/a> could lose a lurch $83 billion per month, whilst Microsoft<\/a> could have a massive drop in value of $2.3 billion per week.\u00a0Businesses should prioritise security training for all staff, keeping software up to date and carefully control who can access sensitive data, says expert.<\/p>\n New research, published by cloud solutions company iomart, analyses the financial impact of typical, severe and catastrophic data breaches to reveal what each could cost top companies and social media platforms.<\/p>\n The typical loss for a large company is between 10 and 99 million records per incident, resulting in an average company value drop of 7.27%.<\/p>\n The amount a business stands to lose depends on how long it takes them to identify and then contain a breach, which correlates to the number of records stolen – as outlined by IBM\u2019s study on the cost of a data breach.<\/p>\n For companies in the tech sector it took an average of 187 days to identify and a further 59 days to contain a breach. This equates to an average potential loss of $42.9 (\u00a334.4) billion for the highest-earning tech companies per incident.<\/p>\n <\/p>\n When looking at how data breaches could impact major tech companies, Apple has the most to lose with an estimated company value drop of $95.7 (\u00a380.9) billion following a typical breach, while Microsoft could lose $81.6 (\u00a368.9) billion, and Amazon could lose $68.7 (\u00a355) billion.<\/p>\n