To see the negative financial impacts of a breach of sensitive customer data, look no further than Target Corp., where a holiday-season data breach of up to 110 million credit and debit card accounts cost the company $61 million to manage in the fourth quarter of 2013,
Losing Customer Data Means Losing Customers, Period
Becoming the next Target can be toxic for companies, particularly those in the finance, health-care and retail sectors, which usually collect and store customers' personally identifiable information (PII).
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