Data security breaches have not been limited to one particular type of business. Retailers have been victims, as has the healthcare industry. Ironically, education institutions also suffer data breaches, at a rate of just over one per week. But the real victims have been the customers and patients who trusted their most personal information to these organizations while assuming that those organizations’ security measures would be enough. This interesting information came from JD Supra in their article, “E-Discovery and Information Management: Electronic Data Breach Of Student Records—The University’s Obligation To Disclose (3/15).”
Organizations are not exempt from injury in a data breach situation. They can also be harmed in various ways. The organization may incur fines, costs associated with notifying individuals, and legal expenses. Further, the damage to their reputation in the community will suffer, possibly resulting in a decrease in business.
Many things are changing and will continue to do so. It is believed that the cybersecurity market is one of the fastest growing. The year 2014 saw investments of more than $75 billion; the investments total for 2019 is expected to reach $150 billion.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.