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Economic impact of IOT and conventional data breaches: cost analysis and statistical trends

Harkai Alisa, Ciurea Cristian Eugen

Control and Cybernetics

2024

Vol. 53, No. 2

385--404

Rapid spread and effective integration of Internet of Things (IoT) devices across various sectors has brought unparalleled connectivity and efficiency, but has also introduced amplified vulnerabilities with respect to data breaches. This article offers an in-depth examination of the economic impacts of IoT data breaches, focusing on the associated costs and emerging statistical trends. Through comprehensive analysis, we explore the direct and indirect financial burdens, including immediate response expenses, long-term reputational damage, legal liabilities, and regulatory penalties. Utilizing recent case studies and statistical data, we highlight the economic magnitude of IoT breaches and the factors that amplify their costs. Our research emphasizes the critical need for enhanced IoT security measures and for strategic risk management to protect organizations from substantial financial losses. The findings may serve as a crucial resource for businesses, policymakers, and cybersecurity professionals, advocating for proactive steps to fortify IoT ecosystems against the escalating threat of data breaches.