Have you ever wondered why retail prices keep rising, and interest rates are so high? Sure, inflation is one of the reasons, but most likely, the main cause of the hiking prices and interest rates is the unmanageable overheads of the retailers and credit card issuers.
And did you know one, single biggest contributor to your overheads? Data breaches.
Data breaches, such as unauthorized access and stolen user data, are costly. On average, companies spend more than $5 million in order to fix the breach.
So, how companies finance the recovery? Insurance coverage, IT security budget… and pass the costs to you, the consumer, through higher price tags. Not good.
Check out this infogrpahic to learn more about how things work, from data breaches to consumers footing the bill: