Privacy Advisor Guest Article: Designing and Implementing an Effective Privacy and Security Plan

03/26/2014


In its 2013 global data breach study, the Ponemon Institute reported that data breaches experienced by U.S. companies continue to be the second most expensive in the world at $188 per record. The study also reported that U.S. companies had the second greatest number of exposed or compromised records per breach at 28,765, resulting in an average total organizational cost of more than $5.4 million per data breach.

A strong security posture and implementation of a comprehensive privacy and data security plan is the single most effective measure that companies can employ to mitigate the significant costs of remediating a data breach. Companies would be wise to consider the following suggestions to create an effective privacy, compliance and data protection plan or to revise an existing plan to account for changing laws, regulatory requirements and technological developments.

An important first step is to understand what type of information is being collected and what requirements applicable laws, regulations and other internal compliance policies impose.

Excerpted from the Privacy Advisor, March 26, 2014. To view full article, click here.

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