Data breaches that occurred over the last few months have quite literally impacted close to one-third of the US population. This staggering number supports the inevitable conclusion that something is very wrong, and that data vulnerabilities represent possibly one of the greatest threats facing not only corporate enterprise, but government agencies as well. Aetna, Equifax, and Time Warner Cable, companies that collectively manage the health information, credit ratings (including highly sensitive financial data), and the communications of a large percentage of the population, recently admitted to massive data breaches and notified those impacted customers that their personal information had been compromised. Reasons given vary from exploitation of a website vulnerability and an affiliate accidently leaking sensitive personal information. These companies will face not only potential litigation and regulatory enforcement action that could represent billions of dollars of loss. Equifax shares have dropped 21 percent since their breach was disclosed on Sept. 7, the biggest two-day drop since 1998. (https://www.bloomberg.com/news/articles/2017-09-11/equifax-backed-out-of-public-investor-presentation-after-breach). Even more sobering, had these breaches occurred after May 25, 2018, the official start data for enforcement of the new EU General Data Protection Regulation, which at least in the case of Equifax also resulted in significant data loss for UK personal information, these companies could have faced additional staggering penalties of up to 4% of their global annual revenue.
These companies have demonstrated weakness in compiling, control, management and appropriate protection of this sensitive data. Identification of the systems that are being utilized and ongoing cohesive management of data is crucial for a structured preparedness to secure sensitive customer personal information. If you are questioning your preparedness and well you should, BeyData has the solution.
While a reactionary approach seems to be the norm these day, it is not effective. BeyData has developed BeyData Librarian a Unified Automated Risk Management System, that empowers organizations to take the responsible and proactive to build and maintain a catalog of all their data flows.
BeyData Librarian provides a secure enterprise system that allows organizations to indentify, assess, prioritize, remediate, mitigate and monitor risk across the organization. Its scalable, hybrid infrastructure provides a framework that allows you to build a catalog of assets, records, data flows, processes and people inside and outside the organization, to map the flow of data within and between these assets and automates the process of risk management.
Further it allows you to utilize our risk frameworks to complete and conduct Privacy and Data Protection Impact Assessments, as well as Security and Risk Impact Assessments.
Companies and organizations must better identify risks in advance of a threat, so that they can mitigate those risks, instead of reacting to them once breached. Why suffer the damage to reputation and customer confidence and expose your company to liability and costs because of inaction?
Contact us if you would like to learn how Bey Data’s Automated Unified Risk Management System can address your Privacy and Data needs.
Ponemon Institute, 2017 Cost of Data Breach Survey – Do not have to register to download