April 18, 2018 - There's a data breach in your future, whether you believe it or not. As we find more ways to protect our data, hackers find better ways to steal it. The result of these breaches goes beyond the extensive financial cost. Your stock price may drop. Customer trust is eroded. Corporate reputation may be damaged. Recovering from all of these impacts is expensive and time-consuming. Your business continuity plan should include some planning for preventing and responding to these attacks.
Proper planning for, and response to, a data breach event requires a multi-faceted approach, with participation from diverse elements of the organization. Although an IT Security department may be an obvious choice to lead the development of data breach incident planning, here's why business continuity professionals need to learn about this unique threat and how they can add value to the planning effort.
Ponemon Institute's 2017 Cost of Data Breach Study: Impact of Business Continuity Management (BCM) reveals that BCM programs "can reduce the per capita cost of a data breach, the meantime to identify and contain a data breach and the likelihood of experiencing such an incident over the next two years."
Trading in intellectual property and personal data is so widespread that someone invented a calculator that can estimate the potential harm to your own business. Nearly 5 million data records are lost or stolen worldwide every single day, according to the Breach Level Index. Data breaches have the power to cause enormous disruption because they can, and often do, end up costing a huge amount of money to sort out.
Top executives continue to stumble in the way they respond to a data breach, magnifying and extending the damage both to their reputation and their customers. In analyzing the top breaches over the past few years, it is clear that executives make a set of common mistakes, which is surprising given that so many companies, often led by otherwise effective leaders, fail to learn from the botched responses and mishandled situations of the companies that were breached before them.
As more companies suffer breaches and leak private data online, it becomes harder for organizations to be transparent and establish trust with their customers. Recent incidents have shown that many experts underestimated the total impact of a data breach in terms of the actual number of users affected and the volume of data made public. Here are some things you can do to regain trust.
In a world filled with computations, we can't expect everything to go without a hitch. Things go wrong sometimes. Data breaches have increased year by year. Measures have been taken by every company to prevent data breaches and the criminals find a better way to get access to the company. Here are some ways to prevent data security breaches.
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