Safeguarding Your Information Assets: Are You Prepared?

In view of the well-publicized data breaches in 2014 and the current renewed federal legislative focus on privacy and data security issues, we are providing this Alert to highlight some action items to safeguard your company's information assets, and reduce exposure to liability in the event of a breach. Data security is good business. A Ponemon Institute and IBM study estimated that in 2014, organizations paid an average of $5.9 million to respond to one data breach incident, and the cost to the organization in lost revenue, reputational harm, and diminished good will average at about $3.2 million.

Know What You Have

The first step in protecting information assets is to conduct a data asset inventory to determine: