Our latest study, Aftermath of a Data Breach Study, was conducted to better understand how a data breach affects organizations over the long term.
The Ponemon study clearly shows that when data breaches occur, the collateral damage of a company’s brand and reputation become significant hard costs that must be factored into the total financial loss.
With the recent spate of data breaches and accompanying class action lawsuits, businesses have constant reminders that an ounce of prevention is worth a pound of cure. The best way to protect your business against the high costs of data breaches is to ensure your security practices and fraud resolution plans are strongly built to ward off malicious attacks and the complications that follow.
Several high profile events throughout the year have kept the spotlight on the issue of data exposures, especially those where millions of consumers information was obtained by malicious hackers. Although the information involved, emails and passwords, does not rise to the level of a “personal identifying information” (PII) breach, it is definitely troubling that such a large number of consumers may become targets of phishing and related attacks, which do attempt to get consumers PII.
It can be unnerving to be told that your information has been compromised in a data breach. The uncertainty of not knowing all the details and the anxiety over what information has been exposed is deeply troubling to many consumers. A breach notice makes us aware of a new risk to our lives that we can’t measure easily.
The onslaught of significant data breaches in the past year has once again spurred legislators to push for national data breach notification legislation.
At the recent data security and privacy hearing held by the Senate Commerce, Science and Transportation Committee, there appeared to be widespread agreement that national data breach laws are needed.
The White House recently released a comprehensive cyber-security policy proposal, and with it raised new hopes that a streamlined solution around data breach notification is finally at hand.
All data breaches have two things in common: the need for prompt resolution and the need for a robust preparedness plan.
In a recent report, Ernst and Young noted that stronger breach notification requirements are among the top privacy trends for 2011. Governments around the world are enacting or tightening regulations around breach notification, and within the U.S., individual state laws around data breach notification have had a tremendous impact on data security.