Companies are Lacking When it Comes to Data Breach Preparedness

The threat of data breach is ever-increasing as we move into a more digitized world. In the year 2018, there were 6,515 publicly disclosed data breaches that exposed over five billion records. With the very real possibility of data breach looming over business executives’ heads, the risk should be mitigated, right? The unfortunate fact is that although business executives are worried about this risk, they are not fully prepared for an event. So, how are companies still lacking when it comes to preparation for data breach.

A study performed by Martech Advisor, found that ninety percent of company executives are concerned about the rise in data breaches and what that could mean for their company. However, the dissonance between the awareness and preparedness is quite large. Only 34.5 percent of executives have implemented polices related to the security of their customer data. Overall, companies are experiencing a high level of exposure to possible data breach, yet they are falling short when it comes to the investment in security and post-event plans.

What can happen if a company does not invest in policies to limit their exposure and to formulate a plan to take care of the damage if their customers’ data were exposed in a breach? According to IBM, the average cost of a single data breach is $3.86 million. So, when it comes to looking at data breaches from a financial perspective, investing in a plan prior to an incident is a much more cost-effective strategy than winging it until after a breach occurs.

LibertyID is the leader in identity theft restoration, having restored the identities of tens of thousands of individuals without fail. If you retain personal information on your customers, now it is the time to get data breach planning and a response program in place with our LibertyID for Small Business data breach preparation program. With LibertyID Enterprise you can now add value to existing products, services, or relationships by covering your customers, employees, or members with LibertyID’s fully managed identity theft restoration service—at a fraction of our retail price—with no enrollment and no file sharing. We have no direct communication with your group members–until they need us.

Call us now for a no obligation proposal at 844-411-LIBERTY (844-411-5423).