When evaluating the potential cost of a data breach we have previously referenced the direct first party costs incurred by a firm as $5 to $50 per client.

Further information provided by the Ponemon Institute estimate this cost to likely be closer to $214 per record.  The Ponemon Institute conducts independent research on privacy, data protection and information security policy. 

Their research estimates direct costs of $73 per record.  Direct costs may include forensic, notification, call center, credit monitoring, victim assistance, legal defense costs, and breach consulting.

However, they further consider the indirect costs of diminished customer trust as approximately $141 per record.  This creates a total potential cost for a data breach of approximately $214 per record, not factoring any potential Errors & Omissions claims related to to the breach.