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Contributor
Posts: 27
Registered: ‎05-04-2009

why should I care about securing my data? my company is not in healthcare or financials

Hi,

My company is not in Healthcare or Financials, so why should I care about securing my data?

Thanks

New Contributor
Posts: 2
Registered: ‎02-23-2010

Re: why should I care about securing my data? my company is not in healthcare or financials

Thanks for your question about securing your data.  Financials and Health Care are only 2 of a plethora of reasons for why you would need to secure your data.  There are a number of regulatory and compliance drivers which are not limited the aforementioned industries.


  • For example The Gramm-Leach-Bliley Act of 2001 specifies a Privacy Rule and Safeguards Rule which states that institutions have an "...obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers' nonpublic personal information."  These rules apply to all institutions, not just finanicals.


  • Sarbanes-Oxlec Sec. 404 states that enterprises must ensure the integrity of their finanical systems which inculdes protecting the integrity and confidentiality of M&A documents, earnings releases and legal documents to name a few.


  • CA SB1386 states "“Any agency that owns or licenses computerized data that includes personal information shall disclose any breach … in the security of the data to any resident of California whose unencrypted personal information was, or is reasonably believed to have been, acquired by an unauthorized person.”  Since 2003, over 30 states have adopted similar requirements within their states and more are poised to join.


However, regulatory and compliance also also just pieces of the puzzle.  Securing your data is also about protection of intellectual property and brand protection.  Research from Gartner estimates the cost of of a 100,000 record breach at $90 per affected customer.  This cost does not take into account the costs associated with brand damage or fines.  The same study found that the cost to encrypt the data was $6 per customer account.  There have been additional studies from Forrester Research with similar findings of even greater costs per record taking into account other factors such as:  notification costs, lost employee productivity (employees diverted from revenue generating tasks to deal with the breach), and court ordered restitution.


As you can see, there are many factors driving the desire to secure data through encryption or by other means and this drive is being seen across all sectors.

Contributor
Posts: 27
Registered: ‎05-04-2009

Re: why should I care about securing my data? my company is not in healthcare or financials

Understood. Valid points.

Thanks

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