Monitor Customer Data and Ensure Data Privacy
The strength of a business is measured by the loyalty and size of its customer base combined with a track record and future roadmap for providing quality products and services. It is no surprise then that enterprises are so concerned with protecting their customer information and intellectual property. The repercussions of data leaks in any of these areas could result in competitors poaching customers from the data leak victim and going to market with a similar solution at lower cost. Even worse, publicity around a known data leak in these areas tarnishes the company brand and reputation and will almost certainly result in attrition of their customer base.
The results of such breaches can be far-reaching. Organisations must not only bear the expense of fines, remediation (e.g. credit monitoring, user notifications), but also any resulting loss of shareholder and customer confidence, impact on reputation, brand, stock value, and even potential criminal penalties. Dealing with a data security breach is disruptive to business and can give competitors an advantage. It does not matter whether breaches are accidental or deliberate; what matters is that the organisation is perceived to have failed in its duty to care for personal and confidential information.