When an organization suffers a data breach, how can it quantify the total of all the associated costs? The scope of costs goes way beyond a fixed dollar value per stolen record and extends to include legal fees, third-party forensic services, loss of reputation and defense improvement, as well as state and federal penalties. In this session, we will discuss a straightforward approach to quantifying and reporting on the potential financial liability and impact of a data breach. We will use real-world experiences to show how to create actionable intelligence encompassing sensitive data and detected threats as well as the importance of producing reports and analytics showing:
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- Liability exposure for C-level executives and board members tied to financial reporting;
- Clear prioritization of where to invest IT resources to prevent breaches and maintain shareholder value;
- Metrics that substantiate and validate efforts to reduce and mitigate the impact of a breach;
- Calculations to help evaluate cyber security insurance.
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