Businesses can no longer afford to treat data security as just another problem for the IT department: it’s now a mission-critical issue for the executive suite. Companies that fail to adequately protect personal information not only run the risk of lawsuits and legal penalties, but also severe – and – potentially fatal – hits to their bottom line.
Top executives and risk managers also need to recognize that the dangers posed by theft of personal data have escalated sharply in terms of financial liability and the potential for irreparable damage to a company’s reputation. The loss of confidence in a company’s ability to properly manage confidential information can jeopardize the survival of its business. Recently, a well-known credit card processor was dropped by several major credit card brands after a security breach in its system exposed millions of consumer accounts to possible fraud.
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