In today’s data age, almost all organizations store some form of private or confidential information, whether it is employees, customers, or information obtained from vendors. Since 2005 more than 200 million records containing sensitive personal information have been reported in a security breach in the United States.
The costs associated with notification and the liability that is arising out of privacy and security matters is costing millions of dollars to organizations of all sizes and types. One insurance carrier recently produced a data loss calculator that estimates that on average the costs associated with data loss are about $166 per record. It also provides information on pending class action lawsuits where plaintiffs are requesting $1 million to $21 million per person for damages due to data loss.
Here is an article that I wrote on the subject:
http://www.psfinc.com/press/is-your-firm%E2%80%99s-private-data-susceptible-to-breach
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