Plugging the Leak: Guidelines for a Data Breach Response Plan


Though data breaches have been on the forefront of many large company’s risk management efforts for a number of years, it has become clear that the threat of a data breach is very real and touches on every business, regardless of size, and in nearly every part of the economy. A comprehensive 2013 Verizon report revealed that more than 31 percent of the data breaches in 2012 impacted businesses with less than 100 employees. Even in the face of these numbers, smaller companies may underestimate the threat they face. A relatively minor data breach could result in hundreds of thousands or even millions of dollars in potential costs.

Beyond bulking up data security protocols, there are relatively easy steps that every company can take to prepare for the worst. Foremost is the preparation of a clear data breach response plan. A 2013 study prepared for Symantec found that the average cost of a data breach in the U.S. was more than $5.4 million (approximately $194 for each record breached). That same study identified a clear data breach response plan as the number one way organizations could reduce the cost of a data breach, lowering the cost by as much as 21 percent.

Originally published in Oregon Business in May 2014.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Lane Powell PC | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.