Data security breaches can have significant reputational, business, and legal costs for companies. Depending on the nature and severity of the incident, a data security breach can result in the loss of key business assets, cause public embarrassment, diminish customer goodwill, result in costly response and remedial requirements (including legal obligations), create contractual liability risks, attract regulatory scrutiny at the federal and state levels, and result in litigation.
While companies can reduce the likelihood of a breach by maintaining robust data security practices and procedures, the reality is that there is no such thing as perfect security. In other words, when it comes to data breaches, the question for most businesses will be not “if,” but “when.” Thus, to manage risk around data breaches, businesses must also have in place procedures to guide a quick and effective response.
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