The market is being driven down at the cost of security, meaning companies are happy to take a risky approach to the procurement of data destruction services, even knowing
the consequences of a data breach.
While much of the change may be welcome and liberating, there is still a responsibility to protect citizens and organisations from cyber security threats and
the consequences of data breach.
The US has had at least a common - law action for intrusion upon seclusion for a long time, yet none of the class actions brought as
a consequence of a data breach has resulted in a judgment, and the overwhelming majority have been dismissed early on because no damages have been demonstrated.
Not exact matches
Furthermore, the
consequences of a failure to comply can be even further reaching, with a
breach of the
Data Protection Act posing a huge risk to organisational reputation and further pressure on already strained resources.
Breaching the
Data Protection Act carries severe
consequences and can lead to heavy monetary fines or even prosecution, writes James Kelly, chief executive
of the British Security Industry Association.
It's become clear to many that these sorts
of large - scale
data breaches have disastrous
consequences, with very little accountability assigned to the custodians
of the
data.
This transformation
of the risk assessment and recognition
of the parties potentially harmed from threats to information systems are very significant developments, and, in several countries, are largely a result
of data breaches and the
consequences that follow under
data breach notification laws (i.e. fines, the costs
of providing notice to affected individuals, and reputational harm).
Meanwhile, the ongoing rise
of technology to host and manage customer
data, the increased sophistication and complexity
of cyberattacks and
consequences of a
breach that go way beyond reputational damage have corporate legal teams looking at IT security much more carefully.
In the latest edition
of Digital Detectives, hosts Sharon Nelson and John Simek invite Alan Goldberg to discuss the typical causes
of a
data breach, likely
consequences, prevention, and more.
In light
of the costs and time involved in responding to
data breaches and the subsequent ongoing
consequences and expense, there is a strong incentive for organisations to ensure they have an appropriate privacy framework in place, both to prevent privacy
breaches and to respond to any
data and privacy
breaches that may occur.
The
consequences for lack
of compliance can range from hefty monthly fees to loss
of reputation, possible civil litigation should there be a
data breach, and suspension
of your ability to accept credit cards.
The insurance industry must also be alert to the fact that there are multiple potential benefits linked to big
data analytics and processes, but there are also a number
of growing risks, such as privacy issues and cyber threats, which may have a significant reputational impact on the insurer and the sector if they were to materialise, apart from other
consequences attached to regulatory
breaches.
This coverage can provide assistance in preventing a
data breach as well as mitigate the
consequences of a full blown
data breach.
The Equifax
breach should epitomize the
consequences of negligent
data brokerage and serve as a wake - up call to similar organizations who profit from dragnet surveillance and the employment of psychographic and demographic Big Data algorit
data brokerage and serve as a wake - up call to similar organizations who profit from dragnet surveillance and the employment
of psychographic and demographic Big
Data algorit
Data algorithms.