The Businesses Costs of a Data Breach

The greatest fear of any CEO, CIO or CSO is that the security of the sensitive information held by their company has been compromised.The first consideration should be given to the customer; after all, it is their privacy which has been invaded.After dealing with this, there is the nightmare of all the costs which your company will incur as a result.The average cost to a company resulting from a data breach in 2007 was $6.3 million!

A survey conducted by the Ponemon Institute found that 58% of respondents who had received notification that their personal information had been compromised by a data breach had lost confidence in the company and that 31% planned to cease doing business with the company.The cost of notification alone may come to as high as $197 per letter.

Most states now have laws regarding privacy protection in place requiring companies to notify all customers, vendors and employees in the event that personal information has been compromised by a data breach.There are federal laws such as SOX, FACTA, HIPAA and GBL which lay out the responsibilities of companies with regards to the protection on personal information including medical records, credit card information and financial statements.

The FTC (Federal Trade Commission) and other organizations which are responsible for compliance with privacy laws will investigate whether a company whose data has been compromised took appropriate action to ensure the safety of data.Class action suits will be filed on the behalf of those whose information was put at risk and vendors and banks may sue to recoup any losses they have suffered as a result of your data breach.

These are just a few of the ways that a data breach can be expensive for your company - there are both direct and indirect costs which may be incurred.

Direct Costs
1.
Customer notification
2.
FTC fines
3.
Law suits
4.
Falling stock price
5.
Higher insurance premiums
6.
Lower credit rating
7.
Higher interest rates on loans
8.
Lay offs due to reduced earnings
9.
New computer security equipment purchases
10.
New marketing campaigns to reassure customers, media and vendors.
11.Court fees
12.
Attorney fees
13.
Unpaid purchases

Indirect fees are harder to track exactly, but are no less real for that.

There will be a significant amount of time and money which will have to be invested in marketing and advertising campaigns to rebuild the brand and reassure consumers.

The firm itself, especially the executives will find itself carrying the blame for the attack.News of the data breach will be broadcast; and questions will be asked as to where the company went wrong in their computer security strategy - and worse yet, why they didn't do more to protect this sensitive information.
The following is a list of just some of the indirect costs that a company may face ein the wake of a data breach:

Indirect costs:
1.

Damaged company brand and reputation.
2.Greater investment needed to regain customer confidence
3.
Diminishing new accounts.
4.Competition may acquire your customers, giving them more resources to promote their business
5.
Paying for credit reports to for your customers and/or employees.
6.Biennial security assessments for the next 20 years.
7.Employee preparation for biennial security audits.
8.Employee security awareness training.
9.Developing, implementing and managing new security policies.
10.Bad press.
11.Negative stock analysis reports.
12.Corporate executive and managers will have to re-direct their efforts to damage control and rather than corporate growth.

It is far less expensive to prevent a data breach than to pay for all of the costs they can cause your company after the fact.Preventive measures can easily and quickly be put into place; to implement an effective data security strategy, there are four areas of vulnerability which must be assessed: Physical, Employee, Computers and Networks, followed by employee education and implementing an integrated security strategy.

Finally, when the company's executives and managers investigate security solutions, do not forget to include employee convenience in the equation.An employee will always circumvent security for their own convenience.

About the Author

Dovell Bonnett is the author of "Online Identity Theft Protection For Dummies(R) - Power LogOn Edition", founder CEO of Access Smart and hosts IDProtectionExpert.

com.He provides businesses, campuses, and mobile employees security solutions.

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Provide Effective Crowd Control Barriers Made Of Steel

Crowd control barriers are available in a variety of styles, materials and sizes. The need for this equipment spans many industries, including construction, law enforcement and highway and bridge authorities. They are also an important and highly effective addition to the safety and security measures necessary in areas that have been affected by natural disasters, such as hurricanes and tornados. Barriers are often required and extremely beneficial at various sporting and political events as well. Any circumstance that requires the delineation of a particular area to properly guide and protect motorists, pedestrians and onsite inventory can be accommodated by one of the many types of barriers that are available from reputable barrier manufacturers and distributors.

Steel barriers are just one of the many types of equipment from which to choose. Typically available in an assortment of styles and lengths, high quality products provide the necessary boundaries as well as the safety and security necessary at high profile events world wide. Such events include Olympic Games, political conventions, high attendance public celebrations and major sporting events. They are also often found to be extremely beneficial at seasonal recreation parks and marinas.

Manufacturers that specialize in high volume production of steel barriers are more capable of providing fast delivery as well as lower prices for high quality products to their customers. However, it is also very important to purchase your equipment from a company that not only specializes in the high volume production. The supplier you choose should also be able to provide verifiable records of customer satisfaction and individually customized solutions. Leaders in the industry employ a competent and responsive customer service team and sales and design personnel that possess the experience and skills necessary to ensure the products you purchase will completely satisfy your individual and specific needs, your timeframe and your budget. A reputable supplier will have knowledgeable and experienced personnel that will guide you in the right direction as you select your equipment and services in order to create a crowd control solution that will satisfy all of your requirements, provide the safety and security you need and provide you with the highest quality products and best overall value.

There are a few features that are specific to high quality steel barriers that will work towards ensuring easier to transport and implement boundaries that offer the greatest amount of security, safety and longevity. Individual ones with interlocking hooks manufactured with a thirty degree bend and securely welded to the frame prevent the chances of separation and disengagement between individual units. It is recommended that the frame be constructed of sixteen gauge tubing to increase the strength and useful life span. The horizontal or vertical tubes in the center should be firmly inserted and securely welded to the frame to reduce the chances of disengagement and to increase the overall stability.

Many businesses, organizations and industries that use this equipment as part of their crowd control solution should also have access to accessories that add to the fundamental functionality. Options include pre-drilled holes for advertising products and services signage, or for signs that communicate important information pertaining to the event such as policies, rules or directions to designated areas. Some manufacturers include this option as standard feature for their products at no additional charge. One of the most popular and potentially profitable choices amongst the options includes steel barrier jackets. Unlike banners that can flap and fold over with the slightest breeze, barrier jackets are custom fitted and remain attractive and continuously convey a clear message to attendees, which projects a much more professional image.
About the Author

The Tamis Corporation provides a wide range of crowd, security, traffic and other

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Do Not Be Afraid to Start a Home Business Anyone Can Succeed

I truly believe there has never been a better and more exciting time to work from home as there presently exists. The Internet has opened a new and exciting chapter to working from home, & it is available to everyone. From school children to grand parents with no barriers from sex, race, color, creed or religion. Both men & women can compete on equal terms for pay & without any barriers. In fact some of these opportunities may offer even better chances & rewards for women, so come on ladies why not give it a look.

The present climate in the world is one of fear, recession, job uncertainty & ever increasing debt and rising prices. Each day our fuel & utility bills rise higher along with food and basic commodities. No one has a safe job anymore & businesses word wide are downsizing.

So what's the alternative & where can we find the comfort of job security? I believe the answer lies at your very own doorstep. OK it may not appeal to everyone but it is probably the biggest opportunity that most of us can take right here & now. It has the potential to give you a lifetime of security that you may never get in a job, with rewards that many people could never imagine or believe.

The problem with a job is you never really get paid your real worth, & no matter how well you serve your boss each week you rarely get paid more unless you work longer hours. However the Internet can offer a true leveraged income, if you are not familiar with this term it simply means that you get paid for not only your efforts & work but also from the efforts and work of others.

The great thing about some of these businesses is that you get paid even when you are not working, for example when you are asleep or on holiday! Some other great things about working from home and being self employed are you answer only to yourself, you get to work where & when you want. You can run your business around your family and social life & you only have to ask yourself for time off.

There are also many financial advantages that it has to offer. Some of these include income tax relief on the cost of many items for example, a portion of your utility bills to cover your home office, & some of the expenses of running your car. Don't worry about these things most accountants will give you a free initial sitting to point you in the right direction. Also most local tax offices will supply you with all the information you need for free. In your early days you may not need an accountant,

(Tip) Keep a separate bank account for your business. Keep all your receipts & keep them in a date order & in a month by month folder. it will save a lot of time and heartache trust me.

Keep accurate records of income and expense in date order, you can use one book with income on one page & expense on the opposite facing page, always try to keep a separate set of pages for each month with room at the bottom for monthly totals. (Tip) golden rule, update your book keeping on at least a weekly basis

OK this sounds great, so whats the down side? Well it is still a business & you will need to treat it as one. You will need to do work on a consistent & regular basis and it is important that you treat it as going to work & not a hobby. It's a really good idea to set aside a set number of hours you would ideally and realistically like to work each day, they can be as flexible as you like, however you do need to make a habit of working. I would recommend a minimum of two hours each day.

Providing you follow the above you will succeed, the only difference being the more hours you work the quicker you will see a return on your efforts. Don't treat it like a race, it's not a race its a journey and should be enjoyed as one, when done properly it will reward you greatly with freedom, time & finance.

I have tried many things over the last 35 years & ran several small businesses, however none of them compare to my current business & the rewards that it gives me.

My only regret is that I never realized that these opportunities were out there and within the reach of an ordinary person like me from a poor background.

I believe that the best opportunities are in Internet marketing & that they are without a doubt some of the most rewarding & exciting businesses that are currently available to everyone almost without exception.

Lastly it is important that you find a business that is honest, ethical & with a sound foundation.

(Tip) Here are some of the most absolute & important criteria you must look for in any business.

The company must a provide a full and free training pro gramme that you can follow, preferably with lots of video tutorials.

The company should have an email helpline, & offer personal 1 to 1 training, along with daily updates, web calls & training.

A personal mentor with his or her personal phone number, and a team of experts on hand to give you the back up that you will need in your early days.

I wish you well in whatever you choose to do with your life, just be sure that you never end up with these words on your lips

"I wish I had done that"

Best wishes Robert Waugh.


About the Author

Karen I are two ordinary people from good hard working families living in England, UK. We have found a way to help ourselves and others achieve financial freedom from home. We hope you enjoy the Free tour bonus we have to offer you. Best wishes Rob Karen. http://www.incomepool.com

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