Securing the Clicks Network Security in the Age of Social Media

CHAPTER 9Monetary Considerations: Strategy & Collaboration

IT security budgets have not yet clearly defined the line item for social media security. And trying to retrofit the IT security budget by assuming that tools already purchased for data loss prevention will also cover all your social media security concerns won’t give you enough coverage. According to the 2010 Ponemon Institute Cost of a Data Breach study,¹ data breach incidents cost U.S. companies, on average, $6.75 million per-incident and $204 per-compromised-customer record (Australia has the lowest cost per data breach incident, but even that’s $1.83 million). The most expensive data breach event cost a company nearly $31 million to resolve. Several other interesting findings from ...