While it’s impossible to completely avoid a breach due to uncontrollable circumstances, 97% could have been prevented. Accidents, errors and theft are just a few ways that information is compromised. Smart devices and wireless services compound the problem. Proactive detection and correction can go a long way to prevent loss and further fallout due to reputational damage, lost sales, fines, lawsuits and prosecution.
The Department of Homeland Security, the FTC, Visa and the BBB encourage businesses to protect consumer data and plan ahead to reduce risk. All states have laws that protect their residents who might be your customers, employees or vendors. Many laws specifically require creation and maintenance of information security programs. These laws include penalties for noncompliance.
For example, the civil penalty for violating the Connecticut Act No. 08-167, which requires the safeguarding of personal data, is $500 per violation, up to $500,000 for a single event.
Lost trust means lost sales. The fallout of data breaches has caused businesses to close their doors. According to Visa, businesses should “Consider a breach likely and plan accordingly.”