As privacy laws get more stringent, every business owner needs to be concerned with keeping customers data safe in order to avoid expense and liability. Here is some fresh information about the cost to notify clients if a data breach occurs:
The average organizational cost of a data breach in 2010 was $7.2 million and cost companies an average of $214 per compromised record, according to a recent survey conducted by Symantec Corp. and the Ponemon Institute. Of course, data breach is only one of the exposures faced by companies as a result of their presence in cyberspace.” (Quote used with written permission of IRMI.)
At $214/record the cost adds up quickly!
Let us know if you would like to take a look at the coverage available to help you with this problem.
Contact me at bslocum@slocumins.com
