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Data security remains a top concern among in-house counsel and for good reason. A breach can bring hefty fines, result in expensive litigation, and damage a brand. But breaches are also preventable.
If you're not already taking action to ensure your cybersecurity, or if you need to step your game up (and we all do), here's a quick refresher course.
Forget Russian hackers. A recent study shows that most data breaches are caused by human error, not nefarious outsiders or malware. In a review of over 200 data breaches, a large IP firm found that employee negligence was the leading cause of lost data.
One of the best ways to mitigate the impacts of a data breach is to have a response plan in place, ready to go. This includes knowing your risk, knowing what information can be shared with the public regarding a breach, and knowing how to detect and react to a breach in a timely manner.
It's not just your employees who can put data at risk. You'll need to protect the data that's in the hands of suppliers, contractors, and the like, as well. Thankfully, the Feds have a lot of it figured out already.
You've survived the data breach, the media fallout, the consumer anger. Now comes the really hard part: an FTC enforcement action.
Not convinced that you'll need to worry about the FTC? Then check out this.
Taking a few basic steps to protect data -- like requiring employees to regularly update their passwords -- can prevent breaches like the ones the Houston Astros experienced last summer.
Again, small steps can make a big difference when it comes to data security, so get on top of your corporate password and encryption policies.