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Events in recent months have proven that just because you’re up to speed with privacy and security regulations doesn’t mean you won’t suffer a data breach. The new bottom line is that organizations need to think more carefully and more creatively about managing and protecting data, writes Voltage’s Mark Bower, and it’s going to take more than checking off compliance boxes.
Think of it as the seamy underside of the bad economy: Harsh market conditions, corporate cost-cutting and a downsized, disgruntled workforce create the perfect storm for systematic and sophisticated attacks by underworld enterprises on data systems in respected companies worldwide.
So here’s what we have today: record data breaches, heists of increasing intensity and scale, and a network of expert hackers buying and selling attack vectors and system vulnerability information. It’s not uncommon to read of tens of millions of dollars being siphoned from payment networks. In fact, we can assume that multiple criminals have the option of stealing our identities. Bottom line: billions of dollars in reparations, uncountable losses in brand and reputational damage, spiraling audit costs, and the sheer magnitude of headaches to be incurred in trying to get ahead of the problem.
This will take more than just complying with privacy regulations: The regulations are behind the threats, which evolve continuously to exploit any weakness available. Enterprises, payment processors,business processoutsourcers and even nonprofits must takeproactivecountermeasures, and they must do it now.
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