The risk that often fails to make the list of operational
business risks is, arguably, one of the most significant –
and that's the risk of a data or privacy breach. As methods of
conducting business evolve, and with constantly changing technology
platforms for sales and promotion; new media for brand awareness;
and new audiences and markets, the risk of a data breach has
rapidly increased in severity and exposure. With the extent and
nature of the type of information being exchanged between customers
and businesses expanding now more than ever before, the time for
business to address this risk is now.
Recent awareness
High profile data breaches are the subject of daily chatter. The
list of breaches hitting the US market gets longer and longer:
Anthem; Target; Home Depot; Neiman Marcus, to name but a few. The
financial costs arising from those breaches are very significant,
with estimates stretching into the hundreds of millions of
dollars.
