The high cost of Data Breaches

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Joseph Williams of SNL Financial LC in the US succinctly sums up the current risks and costs to individuals and businesses in this recent article.

Apart from the financial losses detailed in the article, I believe that European legislation is looking at fines of 2%, or more, of global revenue for organisations who fail to provide substantial protection against data breaches to encourage organisations, public and private, to review and strengthen their security procedures. The objective is to gain the confidence of individuals, as citizens and consumers, that their personal information is adequately protected.

“A fundamental issue is that the core protocols that sit behind the Internet that we use today were never really designed for the types of needs that we have nowadays,” Hodder said. “Nobody envisioned that we’d be doing all these financial transactions and trading and buying goods online, so the fundamental protocols were never built with that level of security in mind.”

When it comes down to ‘Who do you trust most?’ research confirms that the most trustworthy entity is ‘Me’, way higher than government, banks, etc. So, is it not logical that organisations provide ‘Personal Clouds’ to their customers to give them control over their personal information and the security of encryption over their identity, data, and files that they can store and share with those (verified) organisations and individuals with whom they have a trusted relationship?

We are discussing PAOGA Personal Cloud pilots with concerned and responsible organisations in the Financial, Education and Transport sectors who see the reduced costs, time and risks a compelling proposition for them, their customers, employees and suppliers.

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One Response to The high cost of Data Breaches

  1. CHAND May 22, 2017 at 6:39 am #

    Nice post.

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