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Don't Let a Data Breach Derail the Deal

January 14, 2017 - Crain's Cleveland Business
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by Tod Northman and Thomas Peppard, published in Crain's Cleveland Business

The global cost of cybersecurity breaches in the business world is forecasted to exceed $2 trillion by 2019. The average cost of each data breach is more than $4 million and growing annually, according to a 2016 IBM-sponsored study. Of those businesses that participated in the study, 26% were likely to experience a cyberbreach in the next 24 months. Earlier this fall, Verizon signaled the need to re-evaluate its $4.8 billion bid to buy Yahoo! upon discovering a previously undisclosed Yahoo! data breach. With all of those cringe-worthy statistics in mind, cybersecurity due diligence should no longer be an afterthought to most buyers and their legal counsel.

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