Have you ever wondered what would happen to your organization if the corporate headquarters burned to the ground? The community and your customers would rally around you. The media would be sympathetic. With all of your corporate data backed up, your company would be back in business within days. And, of course, no organization would even consider not spending the appropriate amount of time, effort and money to protect against this risk.
But what if, instead, the calamity your company experiences is a large data breach of your customers’ private, sensitive information. The community and your customers will revile you, employees will be questioned, regulators will scrutinize your organization and the media will have a field day criticizing you and your business. Ask yourself, honestly, what are the chances you will have a data breach? The truth is: the risks of a data breach are much higher than the possibility of a catastrophic fire.
Any company that has customers needs to be on alert. The average cost of a privacy data breach has now reached $214 per record, according to the Ponemon Institute. And that is expected to rise. In addition, legal obligations and regulatory fines related to a breach are evolving, which creates a level of uncertainty about how to respond when a breach incident occurs. That uncertainty is potentially a very expensive risk.
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Source: forbes.com
By: Bob Gregg
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