Is a Data Breach Management Service Relevant for Your Business?
Your Trusted Paper Shredding Company Offers Some Insights
A few decades ago, the concept of cybersecurity issues was practically unheard of. A security breach would typically mean a suspicious link that triggered a virus, affecting a few dozen computers. In contrast, today’s data breach landscape is far more complex and severe. From sophisticated hacking methods and ransomware, to social engineering and simple human errors, there are multiple issues that could lead to a data breach.
As evident from a 2019 Cost of Data Breach Study, the worldwide average size of a data breach is 25,575 records, and the total average cost is $3.92 million. The U.S. ranks as the most expensive country to experience data breaches, with a total average cost of $8.19 million. Healthcare, financial services, energy, technology and education businesses rank amongst the most affected sectors. There is no doubt that identifying and fixing a breach is complicated, costly and time consuming. Hiring a data breach management service may be an efficient and cost-effective solution to strengthen your cybersecurity practices, and address the breaches that occur, despite all measures to prevent them.
Key Benefits of Hiring a Data Breach Management Service
Which companies should consider a data breach management service? Essentially, any business that uses the internet is vulnerable to a breach. Depending on your sector, and the nature, scale and impact of the data loss, you may also need to make mandatory disclosures of the breach, as required under the applicable federal and state laws. This is particularly relevant when the lost or stolen data involves Personally Identifiable Information (PII), financial information, social security numbers, or bank and credit card information of your customers or employees.
Today, most large corporations invest in in-house teams and technology solutions to prevent and tackle data breaches. However, if you are a small or medium sized enterprise, you may not have a sufficient budget or the bandwidth to create such robust security protocols. At such times, hiring the services of a data breach management company could help you with:
- Removing the fear, confusion or panic that sets in as soon as you discover or suspect a breach.
- Taking systematic and timely remediation measures to minimize the data loss.
- Communicating the breach to affected individuals, stakeholders and credit bureaus in an effective and delicate manner.
- Remaining compliant with all the post-breach protocols as per internal company guidelines as well as other applicable regulations.
Moreover, hiring qualified data breach management professionals will help you protect your business reputation and minimize productivity loss, without investing in costly resources or IT solutions.
At TITAN Mobile Shredding, we offer our clients the highest standards of compliance, security and integrity through our professional paper, hard drive and digital media destruction services. Additionally, we can help you manage regulatory compliance related to all post-breach scenarios. Get access to an award-winning, patented, Breach Reporting Service (BRS) through our partners, CSR Privacy Solutions Inc.
CSR’s privacy experts are Certified Information Privacy Professionals (CIPPs) with decades of experience in the breach management protocols of every industry. In case of a suspected data breach, you simply need to place a call. If the incident is reportable, CSR’s privacy experts will:
- Complete all necessary documentation required by relevant state and federal agencies.
- Guide you through the notification process for informing your customers and stakeholders.
- Provide an in-depth report with an assessment of the breach and actions taken (an important proof of compliance document in case of potential lawsuits and future audits).
With a response time of under 2 hours, CSR’s Breach Reporting Service is a wise and effective investment for your data breach incident response plan.
Save costs and business reputation with a top data breach management solution, such as BRS. To learn more about this service, call TITAN Mobile Shredding at (866) 848-2699 or contact us online.