An Empirical Study on Data Breach, Cost Involvement to Encounter this Significant Cyber Security Threats

The present paper examines the effects of data breach in various Banking, Financial and Industrial Sectors as well as individuals where it has a massive impact. Data breach is an essential security issue by which any concern’s sensitive, protected or confidential data are pilfered, transmitted and gathered by unauthorized individual or group of individuals. This paper attempts to find out the various types of data breach which may affect the economy of any country as a whole. The paper is also trying to analyze the report of some certified international institutions about the cost of data breach study, the level of concentration of some countries to counter the data breach or some unprecedented incidents. Using various graphical representations on cost to prevent data breach or security threats by different concerns, this study also endeavoured to show the assessment of risk by using the technique of Breach Level Index to observe the magnitude of data breach risk for a particular company, institution and organisation. It also tries to evaluate the need of computing the risk and also suggests the remedial measures for the purpose of prevention.