Cybersecurity breaches have legal, compliance and risk executives on high alert—and with good reason.
The Identity Theft Resource Center reports that a total of 9,668 security breaches from Jan. 1, 2005, to Nov. 30, 2018, exposed more than 1.6 billion potentially sensitive personal records.
Criminals are stealing more data from companies, and data breaches are publicized more frequently, the ITRC states. Consider the high-profile cases involving Equifax, Yahoo and Target.
It’s difficult to determine whether there are more security breaches now than previously, the ITRC says, given that more and more companies reveal breaches because of legal requirements or public pressure.
Data breaches usually involve theft of customers’ sensitive personal information. After a breach, the company’s stock price might plunge, at least temporarily. An ensuing PR crisis can damage the brand’s reputation and customer relationships.
Tags: data security