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Cyber breaches have cost shareholders billions: report

Cyber security breaches permanently ruin companies’ share prices, with financials the worst hit, a study from IT consultant CGI and Oxford Economics has found.

Severe cyber security breaches, including those with legal or regulatory consequences, cause share prices to fall on average 1.8 per cent on a permanent basis.

“Financial services experience the greatest burden in terms of impact,” the report said, “reflecting the high levels of regulation, the importance of customer confidence and the potential for financial fraud to be a facet of the breach.”

Read more at The Globe and Mail

This article is summarized by Canadian Fraud News Inc.