The Necessity of IT Lifecycle Management for Fortune 1000 Companies
Fortune 1000 companies are obligated to protect sensitive information, including client credit card data, trade secrets, employee records, third-party confidential information, and more. A data security breach can be cataclysmic in terms of punitive damages, lost time, lost trust, and brand damage. The financial costs alone can be huge. Research from the Cost of Data Breach Study: Global Study indicates that average total cost of a data breach for the companies participating in their study increased 15% to $3.5 million from 2013 to 2014. The average cost paid for each lost or stolen record containing sensitive and confidential information increased more than 9% from $136 in 2013 to $145. Fortune 1000 companies increasingly need to be aware of the risks posed by a potential data breach and be proactive in mitigating those risks.
Some of the key IT risk management issues for Fortune 1000 companies, include:
- Loss of trust from employees, customers, and markets
- Litigation risk
- (PCI / DSS Regulations)
This exposure can be felt all the way up to the board of directors, which is why IT Lifecycle Management services should be given greater priority by companies with the greatest exposure – Fortune 1000 companies. These companies need accurate management and increased control of their IT assets.
The volume and velocity of data now being generated in business is opening up unprecedented levels of risk:
- According to the Identity Theft Resource Center, more than 677 million records containing sensitive information were breached between 2005 and 2014.
- In the aftermath* of a data breach, key employees may be diverted from their usual responsibilities to help the organization respond to and resolve the data breach.
- Negative consequences included loss of customer loyalty (41%) and legal action (34%).
- Findings reveal that it can take a year to restore an organization’s reputation with an average loss of $332 million to brand value.
*Aftermath of a Data Breach Survey Ponemon Institute Jan 2012
Brass Valley works with Fortune 1000 clients to reduce the growing risk of data security breaches, giving them greater confidence through accurate management and increased control of their IT assets. If you’d like to talk to use more about how we can help you, please contact us.
To learn more about the threat that embedded data can pose to your company, please download our white paper: Embedded Data: Your “Hidden Secret” to Stopping a Major Data Breach — A call for awareness to the security threat of embedded data. It aims to educate customers and the public at large about the potential exposure and hidden dangers of embedded media if it falls into the wrong hands.
Brass Valley is an IT Asset Lifecycle Service provider and industry leader in client protection practices. Our combination of processes, products, documentation, and insurance help prevent off-network data breaches, giving your organization the best platform of protection available today. We work with clients and industries such as financial services, healthcare, and the Fortune 1000 where protection of sensitive information is a high priority.