Critical data and information — including customer data, intellectual property, and strategic plans — are key to organizations’ competitiveness, but a breach of this data can have disastrous consequences.
Though data security has long been the purview of IT and security teams, the market is shifting, and business executives must take notice. Our study found that CEOs and the board of directors (BoD) are the most accountable to external stakeholders when data is compromised. As evidenced by recent, highly publicized executive departures following a breach, their jobs are literally at risk. Other disastrous consequences include incident response costs, General Data Protection Regulation (GDPR) fines, plummeting stock prices, and shattered reputations. One thing is clear: A data risk management program is critical.