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Report Details how Data Breaches Hit Bottom Line

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The overwhelming majority of victims of a security breach blamed the offending institution for the data breach, according to a survey involving 1,100 American adults who received security-breach notifications alerting them to a compromise of their personal information. The survey determined that 92 % blamed the company for the data breach, 40 % are still considering their future involvement with the company, 19 % left the company due to the issue, and 5 % are seeking legal advice for possible lawsuits. The survey organizers discovered banks most often report security breaches, followed by credit card companies and governmental organizations. The study blames the ways in which organizations notify consumers as part of the problem, with almost half reporting breaches that looked like junk mail, half reporting the alert contained complex language, and many not thinking the notification included honest or reliable data.

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