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IT Business Edge

The impact of third-party breaches on a business’s bottom line can be detrimental, according to Tom Turner, CEO of BitSight. There are the costs incurred from reputational damage and loss of trust in the brand, but there’s more, he said, "Additionally, under new privacy regulations, victims of breaches can file class-action lawsuits against the at-fault organization, furthering the monetary damage to a company."

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