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Data Breach Can Cost You More Than You Think

Data breach can cost you more than you think
April 7, 2017 / Foram Joshi

The prospect of member or customer data being hacked is one of the most concerning issues facing a CEO, CIO or anyone on the board of credit unions, banks or financial services. Its impact is quite simply terrifying.

Unfortunately, with the rapid rise in the amount of stored data and the sophistication of hackers and cyber terrorists, the question is not IF but WHEN your financial data will be hacked (or attempted to be hacked) and if your organization is ready to prevent and/or recover.

According to a recent study conducted by IBM, businesses have been paying up to $4 million in average total costs per incident after a data breach. Credit unions, banks and financial services are known to have the most costly data breaches because of fines and the higher than average rate of lost business and customers.

Here’s a look at the costs and impacts associated with a data breach:

According to CU Insight, ‘data lost’ has the biggest impact on all of the costs and can vary from $3 per record to almost $20k per record. So, the number of records would mostly define the total approximate amount of cost of a data breach.

However, it should be noted that banks, credit unions and other financial organizations may not just have one type of record. They may include multiple records ranging from SSN, driver’s license, personally identifiable information (PII), account information, amount of dollars and other important portfolio information.

When it comes to your data, it is essential to ensure you’re working with service providers that understand the value of compliance, the importance of security, and critical need for real-time recovery. And as a business executive or IT professional, you need to take steps today to secure your data and minimize or eliminate the threat of potential data loss.

Here are 6 questions to ask a provider to get the conversation started:

  1. Do they understand your Business Needs?
  2. Do they meet all the necessary Regulatory Requirements?
  3. How do they Mitigate Risk & Protect Member Data?
  4. Does their technology ensure Increased Productivity?
  5. How does their solution help Improve your Members Satisfaction?
  6. Is their solution able to Reduce your Capital expense?

Click here to learn how the Evolve IP Compliance CloudTM can help your organization secure your data and ensure near real-time recovery in the event of a disaster.

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