Price Tag on Security Failures
For some time, companies had the luxury of considering the risk of a data breach as something like a monster in the closet. This was a fear many shared but really didn’t consider a real threat. However, the recent significant increase in the number of and cost of such breaches make this a legitimate business threat with real economic consequences.
The Data Breach Calculator as a Reality Check
Companies have come to understand just how serious a successful attack on their networks and information systems can be. As a further motivator to deal with the issue, several firms now provide an online data breach calculator to measure the potential damage of such an incident.
For example, IdentityTheft 911’s site generates an estimate of damages as a First Party Respondent to a breach. Likewise, Symantec offers a detailed analysis of such risks and costs after asking a few questions. In general, a data breach calculator provides a comparison of several other metrics, including:
- Other companies in the same industry
- Companies with and without a Chief Information Security Officer
- Companies with similar number of employees
While going through the process of assessing a risk is often a part of establish corporate priorities, the data breach calculator also serves at least three other purposes. These include:
- Helping management determine appropriate levels of insurance for such incidents
- Justifying an investment for anti-breach procedures and budgeting for professional shredding services
- Training employees understand why data breaches are such a threat and why following policies (like an All Shred Policy) are so important to follow
Not Just IT
One of the functions we serve at Sergeant Shredder is helping companies comply with procedures that ensure proper handling of records and files, both digital and printed. We offer complete and total disposal and destruction using the highest security standards available in the information destruction industry. In fact, we emphasize this point: while IT and networks are the focus of many security protocols, they are not the only source of breaches.
According to a study by Ponemon Institute, 64 percent of all data breaches are the result of system problems and human error. This includes the improper handling of company data and materials with sensitive and confidential information. Our team can help you review your current procedures for document destruction — including regularly scheduled shredding — to minimize your risk of inadvertent data breaches.
Have you calculated your data breach risk?