Key drivers compelling organizations to take a more stringent approach to data security and protection of confidential data are compliance and legislative regulations like Data Protection; PCI DSS; HIPAA; SOX; FACTA, CoCo which impose greater onus on companies to better protect and manage consumer identities continuously.
Gerard Curtin, CEO of PixAlert said: This round-up of statistics is further evidence that data disclosures represent a serious and escalating threat to business that requires vigilant measures to minimise the risk. Failure to take the necessary steps can result in millions in lost revenue and potential fines, not to mention the damaging impact to reputation’ stated Mr Curtin. ‘Proposed new EU Data Protection legislation changes will radically raise compliance obligations on organisations through increased controls and accountability. Continuous mitigation of data risk is essential to good compliance but is abstract unless organizations have a clear visibility of where their data exposures’ lie. This requires having insight and understanding into the value, access and location of critical data repositories’ said Mr. Curtin.
As the cost of breach and its negative implications continue to grow and gain momentum, businesses need to be more security progressive in taking steps which will not only ensure compliance, but also guarantee that business critical data will be safe from threats and vulnerabilities.