From a recent article at TechNewsWorld

While most would directly attribute penalties and fines per record involved in data breaches, there are additional consequences, some of which are:

• Loss of sales
• Investigation and notification costs
• Fines and litigation
• The cost of credit monitoring services for each customer
• Interruption of operations
• Last, but definitely not least: brand erosion (reputation, customer trust, etc.)

As the author mentions, an ounce of prevention is worth a pound of cure.

Data Security