We work in a new reality with an enormous amount of data available to us. Due to rapid advances in technology, companies can collect and process information on a massive scale–allowing them to quickly fine tune their products, marketing, and business operations. Most executives feel like more information is better, some call it a blessing. But it is a big problem when the amount of data collected outpaces the ability to protect it—increasing the chances of a data breach and becoming a curse.
In 2014 alone, 43% of companies experienced at least one data breach, averaging at $4 million per breach. Clearly the failure of proper data management can be financially costly to a company, and significantly harm its credibility and reputation.
External threats are often top-of-mind when executives search for a root cause. They primarily focus on and invest in cyber security and hacker protection, while all along overlooking a major culprit—their employees. Alarmingly, our research suggests that employee errors account for nearly 60% of privacy failures.
In order to prosper in this environment, companies must collect only the data they need and create policies that highlight employee workflows.
Learn about the steps you can take to establish a sound approach to data privacy in your organization by reading our latest Executive Guidance.