The Price of A Data Breach

Cybersecurity is becoming one of the top priorities within any organization globally. The frequency of data breaches has been escalating in recent years ever since sharing data across various platforms has become embedded in almost all areas of every industry sector. The overall impact data breaches have on businesses is significant in relation to their financials, reputation and customer retention. When it comes to consumers who are victims of identity theft, the impact is geared toward emotional and financial distress. As a result, the consumer backlash toward massive data breaches in organizations has led to petitions to the US Congress to act for tighter regulations and federal data privacy laws to protect and notify consumers in a timely manner when a data breach occurs. In addition, countries around the world are introducing stringent cybersecurity laws to hold certain organizations accountable for securing consumer information. Cybersecurity laws are being developed globally in response to the emerging digital economy and recognition of improving information security to combat cybercrimes that cost billions to consumers as well as organizations to re-mediate. It is crucial for businesses and organizations to increase cybersecurity efforts to reduce the occurrence and impact of data breaches.

By Van Ha Le, CRS Senior Associate and Bianca Zamora

Published: 14 August 2018 to ISACA Journal Issue 2018 Volume 4