Costs and causes of data-loss incidents to be discussed
Information security remains a top concern of senior IT professionals, according to a new survey from the Computing Technology Industry Association (CompTIA), a provider of vendor-neutral certifications for the IT workforce.
Nearly seven in 10 respondents indicated that the severity of security threats their organization faces is on the rise. The reason for the spike varies: from new threats to new vulnerabilities, exacerbated by employee and technology shortcomings.
At an SC World Congress session, "IT security breaches: The costs and the cures," to be presented at 11:05 a.m Nov. 10, Todd Thibodeaux, president and CEO of CompTIA, will present research from the recent "CompTIA 2010 IT Security and Workforce Study," which digs deep to examine the causes and costs involved with IT security breaches. As well, attendees will hear from a current practitioner on how this matches with their real-life scenarios and issues.
CompTIA is a trade association representing the business interests of the global information technology industry. Thibodeaux is responsible for leading strategy, development and growth efforts for the association.
The facts are clear: The costs that result from a data breach are substantial, both in real operating costs, as well as in damage to the corporate brand, which is not as easy to quantify.
This session will help clarify for attendees the impact that breaches are having on corporations and offers solutions to prepare a defense strategy.
A recent study on security breaches in the United States, conducted by PGP and the Ponemon Institute, found that the average cost-per-incident in 2009 was $6.75 million, comprised of an average cost of $204 per customer with a record at risk of exposure.
These costs take into account several factors, including expenditures for detection, notification and response, as well as legal and investigative ramifications. As well, administrative expenses rise, customers defect and costs related to customer support, such as information hot lines and credit monitoring subscriptions, need to be instituted.
And to recover from the impact, many companies can take as long as 14 days, at a cost of $18,000 per day, to get back in working order, according to a separate study.
Additionally, in its analysis of nearly 3,000 publicly disclosed data breaches over the last five years, the Digital Forensics Association, a nonprofit that fosters education and conducts research for the digital forensic community, tallied a cost from security breaches at $139 billion in damages. This works out to about $9 million per breach.