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Keeping confidential data secure and protected is critical to competitiveness. Unfortunately, even the smartest companies sometimes inadvertently letsensitive information slip through the cracks and that is putting them at risk of financial loss, loss of customer trust and legal liability.
Statistics on the subject paint a grim picture. In a 2007 Ponemon Institute study of 700 C-level executives and IT security professionals in midsize to large companies spanning all industries, 85 percent reported having experienced a data security breach.
And the repercussions of such incidents can be far-reaching. From the costs of litigation to loss of customers, data leakage weakens companies on several fronts simultaneously. In fact, 74 percent of respondents in the Ponemon study reported losing customers as a result of data leakage, while 59 percent said they faced potential litigation and 33 percent anticipated fines.
Most estimates place the average cost of a single data security breach at $5 million, but depending on the scope of the event, those costs can go much higher. Consider the case of ChoicePoint, the data integrator that lost 163,000 personal records between 2004 and 2005: It was hit with a fine of $15 million from the Federal Trade Commission.
Given these facts and figures, many companies are taking more active steps to plug the leaks. Trouble is, there are so many ways for data to slip through that itÕs presenting a considerable challenge. On top of the external threats from cybercriminals seeking to steal information for resale (and using ever more sophisticated techniques to do it), organizations also have to deal with the internal incidents. From accidental email attachments to misdirected print jobs to careless instant messaging, employees also are contributing to the problemÑsending information that should be kept private out into the world. And sometimes thereÕs malicious intent, as illustrated by incidents in which disgruntled workers knowingly share data they know is supposed to be kept confidential.
So what can companies do to gain control? Think in terms of a larger strategy. A good place to start is with creating enforceable security policies that are in line with business requirements. In addition, educate employees on the importance and value of the data they handle, reminding them that itÕs an asset crucial to the well-being of the company.
Of course, technology is a vital part of that strategy, but companies may need to re-think the way they deploy it. These days, merely being aware of the content they need to safeguard isnÕt sufficient; they also need awareness of the context and destination of data. Comprehensive discovery, monitoring, and protection of everything from personally identifiable information and regulatory data to intellectual property and financial figures are essential.
Specifically, that requires user- and content-based policies that can be defined to automatically block, encrypt, and quarantine information, as well as to spot and stop potential security breaches from the outside. Companies also need a solution that enables real-time monitoring of all external and internal communicationsÑand thus a variety of protocols, including email, network printing, FTP, HTTP and HTTPS, and IM. And they need to be able to block communication of confidential data to certain sites (like chat rooms or known spyware sites) yet still allow users to access those resources for legitimate purposes.
Fortunately, flexible and powerful solutions for meeting these needs are available. Find the right one, and youÕre not only protecting your dataÑyouÕre protecting your business for the long run.
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