Let’s start this morning with a few fun facts about everyone’s favorite risk topics…data breach and human error…
Then, let’s add in another favorite topic – resolution time.
And, for good measure, let’s also add in cost!
And, now, let’s quantify that.
Research from IBM shows that about 85% of data breaches involve an often avoidable human element.
Also, the average data breach has been shown to cost about $200 per record breached, with the costs much higher in industries like healthcare and finance because of both the extra damage caused by highly sensitive data and the fact that these industries are both very litigation prone.
Finally, additional research from IBM shows that in 2022, it took an average of 277 days—about 9 months—to identify and contain a breach.
The good news is that information governance best practices can:
- prevent error through techniques like introducing standardized practices, destroying unneeded records based on a retention schedule and getting rid of potentially harmful junk data that both has no business value or record status;
- help staff find the right records at the right time (quickly) so that they can respond to regulators, the public, and if the need arises, plaintiffs’ counsel within the required time frames; and
- show regulators and plaintiffs’ counsel that you have taken the right steps to prevent a breach – and that if a breach happens, you have done your due diligence (and have acted like a responsible corporate citizen).
OK, now for the slide – 6 ways that IG can help you to lower breach risk.
And remember, only YOU can use IG to prevent data breach!