Data breach incidents are on the rise and here to stay. It seems like every week there is a new, high profile breach regarding a government agency, movie studio, retailer or health care provider. Let’s face it, data breaches are inevitable. I know that sounds fatalistic but that’s the truth. And there seems to be no conceivable way of reducing the number of breaches.
Previously, companies that experienced a breach had to deal with minimal financial downside aside from providing notice and identity theft protection to consumers. Throw in attorney fees to guide the company through inquiries by state and federal agencies. The big cost has arguably been bad publicity and eroding of consumer good will and confidence.