Many high profile companies have been hit with data breaches in 2014. High profile companies ranging from Target to PF Changs to eBay were all victims. Many consumers are simply shrugging off data breaches as a normal cost of paperless ecommerce. But those persons oftentimes do not realize that they will end up footing a portion of the bill for a data breach, regardless of whether or not their personal data was compromised.
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The two-factor authentication experts at Authentify have put together a really useful and informative infographic that illustrates the total cost of an average data breach and how it trickles down to the consumer. Retailers will pass the cost of the data breach down to consumers through higher prices. Retailers are on the hook for fraudulent online orders; however, their insurance ends up paying the bill. This results in higher costs for policy holders, which is then passed on to consumers through higher prices from the companies compromised by the data breach. You can read more about the cost of data breaches and how they are passed on to consumers in the infographic below.
Founded in 1999, Authentify, Inc. provides automated authentication services for many of the largest online business enterprises operating today. The Authentify service enables organizations to quickly and cost-effectively perform real-time, multi-factor user authentication during an Internet session. By leveraging the familiarity of the telephone networks, Authentify delivers an effective multi-factor authentication process that is practical for business and easy for end users.