When a laptop is lost or stolen, the user — and oftentimes the IT departments’ — primary concern is the cost to replace the device. The hardware itself is tangible. It has a clearly defined monetary value. But the cost of a lost or stolen laptop extends far beyond the $1,500 to replace the hardware. Yet 34% of the IT and IT security practitioners that responded to Ponemon Institute’s Business Risk of a Lost Laptop study believe the replacement value of a lost laptop is more valuable than the data or information stored on the device, and 15% believe they are of equal value. The reality is that data breaches account for 80% of the cost of a lost laptop, which averages $49,246. The cost to replace the hardware is just one contributor to this cost. It also includes detection, forensics, data breach, lost intellectual costs, lost productivity, and legal expenses.
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