– why do data breaches cost millions of dollars?
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The better question is why do data breaches only cost millions of dollars? Large companies figure them into the cost of doing business because improving security by hiring competent data security teams and constantly monitoring and updating the site costs more than any penalty they could face.
I worked for a large hotel chain that made billions a year and I am no programmer or data security expert but from a layman’s perspective their online infrastructure was garbage. It took weeks to get responses and months to get a fix for even the smallest of problems. Unsurprisingly while I was there they were hacked and millions of their customers financial and stay data was exposed to a foreign power. Nothing significant changed afterwards and in fact I believe it has happened yet again in the recent past.
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