Managing Information Risk with an Effective Data Protection Solution Ensuring privacy and security of information and information systems are one of the major issues on the Internet today. Given below are the statistics on data breach incidents that clearly emphasize the fact that managing information risk is a daunting task.
According to the U.S. Department of Justice, the Credit-card data theft is exploding, having increased 50% from 2005 to 2010 As per 2013 Identity Fraud Report, in 2012 the identity fraud incidents increased by more than one million victims and fraudsters stole more than $21 billion, the highest amount since 2009. Besides, 1 in 4 data breach notification recipients becomes a victim of identity fraud. According to the U.S. Department of Justice, the average number of U.S. identity fraud victims annually is around 11,571,900. According to the Federal Trade Commission, the number of identity theft incidents has reached 9.9 million a year. Human errors and systems glitches caused nearly two-thirds of data breaches globally in 2012, while malicious or criminal attacks are the most costly everywhere at an average of $157 per compromised record. (2013 Cost of a Data Breach: Global Analysis, Ponemon Institute and Symantec, June 2013)
Today businesses face a continuous challenge in protecting sensitive information. Adding to the woes is the new technological advancements say for instance, social media, mobile and cloud technologies and new trends, such as BYOD, mobility and so on that make it simpler to leak data. While deploying security and data protection technologies like Data Leakage Prevention (DLP) tools and Information/Digital/Enterprise Rights Management (IRM/DRM/ERM) platforms have been popularly used methods to tackle the challenge, making them effective in the business context is not easy. In such a scenario, a comprehensive data protection framework that works across the data lifecycle can ensure effective data protection. Hence, enterprises need to collaborate with the best of the breed data protection service provider who can provide a complete offering that includes, designing of data-centric policies, data classification, data flow analysis, fine-tuning, consequence management and tools like data loss prevention (DLP), information rights management (IRM/ERM) etc. Take the case of a leading bank with a customer base of over 2 million who benefitted a lot by collaborating with a data protection service provider. The company had implemented a leading DLP solution to protect sensitive data and to deter people from leaking sensitive data. However, the lack of a strong governance and incident management process and business aligned rules hampered the effectiveness of the project. With the help of the incident and consequence management solution from a leading service provider, the bank was able to reduce the number of false positives and ensure discipline in the handling of sensitive data. Thus, in today’s hacker friendly world, collaboration with a data protection service provider is a must to ensure security and privacy of information and information systems. Read more on - Managing Privileged Identities, Best Mobile Security Apps