Fines for data breaches can exceed 1.5 million dollars.
*According to the 2010 Annual Study: US Cost of a Data Breach conducted by the Ponemon Institute, the average cost of a data breach in 2010 was $7.2 million.*
Security is a business risk incumbent on every company to protect all data.
According to my Networking With Impact BDI colleague Dean Sorensen, businesses tend to put off IT security upgrades and too often rely solely on off-the-shelf box solutions until a virus or other violation occurs.
While these off-the-shelf fixes are suitable utilities for consumer grade solutions growing business with sensitive data and enterprise companies require more sophisticated solutions.
Data breaches have enormous consequences —
- Theft of customer data
- Erosion of client trust
- Potential for market share loss
- Increases shareholder and industry securitization
- Degradation to brand and reputation
- Regulatory compliance violation and fines
- Litigation expenses
- Interruption of business and income
There is no industry immunity. Recently, giants like Neiman Marcus, Target and JPMorgan Chase have been impacted by cyber crimes and most states have cyber breach laws most aren’t aware exist.
According to Dr. James Dauer in the Department of Computer Science & Information Systems at Elmhurst College “. . . what also emerges from these incidents is the stark reminder that just about every industry, every organization in the public and private sectors, every governmental entity, has confidential data and information that needs to be kept safe. Many of these organizations are working with larger networks of data than ever before—data whose integrity needs to be protected.”
General Admission $10.00
Thursday, October 30, 2014
180 Park Avenue, Suite 255
11:30 AM–1:00 PM
School for Professional Studies at
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* “2010 Annual Study: US Cost of a Data Breach,” Ponemon Institute, www.ponemon.org