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Volume 27, Issue 3

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June 19, 2014

U.S. Policymakers Renew Focus on Data Breach Laws

If we have learned any lessons from the last few years, it is that data breaches present a significant business risk to organizations, often resulting in high financial cost and impact on public opinion. According to a recent study, the average cost of a data breach incident is approximately $3.5 million. With reputation management and a complex regulatory landscape as additive organizational concerns, security and risk professionals face the tough task of ensuring their companies successfully manage the aftermath of a data breach.

A crucial aspect to data breach preparedness is having a strong understanding of the legislative and regulatory framework around data breach notification. However, set against a patchwork of 47 existing laws from nearly every U.S. state, risk and compliance professionals are challenged with understanding and communicating rights for their business and customers. The recent mega breaches experienced by several large companies in the United States has resulted in heightened consumer, media and policymaker awareness and concern, making the potential for new requirements and legislation a hot topic.

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http://www.riskmanagementmonitor.com/u-s-policymakers-renew-focus-on-data-breach-laws