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Building a Business Case for a Data Privacy Program

When members of the Compliance, Governance and Oversight Council (CGOC) discuss data privacy and security today, I see an entirely new level of urgency.…

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When members of the Compliance, Governance and Oversight Council (CGOC) discuss data privacy and security today, I see an entirely new level of urgency. Enterprise data security programs used to be driven by the fear that breached customer and employee data could damage reputations and harm brands. Today, organizations recognize that data privacy is a vital competence driven by evolving regulations around the world and the increasing cost of data breaches and compliance failures. The 2016 Ponemon Institute Cost of Data Breach Studyrevealed the average cost for each lost or stolen record containing sensitive and confidential information increased from $154 to $158. Even a modest breach of 30,000 records at a small business or startup can cost more than $4.6 million.

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