Considering the high profile data breaches that have occurred this year, data security is an ever-increasing concern for IT.
When talking to our customers about data security projects we sometimes get into discussions around risk mitigation and theft avoidance. Often when justifying security projects there are feelings that it is difficult to put the benefits into concrete savings. While these projects don’t necessarily add to the bottom line, they are still just as important for corporate health. Just ask someone who has had a data breach.
Therefore, I thought I would try to put some concrete examples out around what having secure data means for your enterprise.
When it comes to securing your systems, did you know?
- It costs companies $202 per compromised record.*
- The average cost per data breach “incident” is $6.6 Million.*
- 40% of breaches were outsiders, contractors, consultants and business partners.*
*Sources: Ponemon Institute, Privacy Rights Clearinghouse, 2008
These are significant numbers when you have many records containing sensitive data in many of your systems. On a recent project BTRG privatized approximately 103 Million records (rows). If this data were compromised it would have cost our customer $20.8 BILLION dollars. Yes that is billion.
This number could be debated considering that perhaps all the rows would not be stolen and not every row has the same value, but even at one tenth of this figure we are still dealing with large amounts of risk not to mention soft dollars and additional costs to reputation, lost customers, potential legal costs and everything else that comes with a data breach.
Check out our recent case study, “Driving Efficieny and Compliance with IBM’s Optim Data Privacy and Test Data Management Solutions”. BTRG implemented IBM’s Optim Data Privacy and Optim Test Data Management solutions for a leading financial instituion in the United States. Our client wanted to reduce its exposure to potential identity theft with their client’s personal identifiable information (PII) as well as ensure that it was compliant with privacy legislation.
Also, if you’re planning to be in the Toronto area on Thursday, September 22nd, register for our lunch and learn, “How IBM Optim and Guardium Can Protect Your Enterprise Data“ at the Canoe Restaurant, 11:30am- 2:00pm.