The Changing Landscape of Data Breaches & Consumer Protection in 2015
The explosion of breaches in 2014, especially highly-publicized payment breaches, created a substantial shift in consumer behaviors and attitudes. As a result, the breach landscape has fundamentally changed and businesses are scrambling to adapt. Now, more than ever, businesses are held accountable by consumers and investors not only for the security protocols they had in place prior to the breach, but, also for their response to customers following a breach.
This session will feature Michael Bruemmer, Vice President of Experian Data Breach Resolution. Attendees will join an insightful session on the common mistakes companies make when navigating a data breach, how the last year changed the current data breach landscape and how companies can adapt in case their business is next.
Michael will address how businesses can adjust their data breach strategy in 2015 to address the changing landscape including:
- Key learnings from 2014's headlining breaches;
- Practical steps to prepare your organization to face a data breach;
- Best practices for mitigating the fallout of a security incident and rebuilding consumer trust.
2014 was a record-breaking year in data breaches, reinforcing the need for companies to adjust their breach response plan to keep pace with the changing landscape. In fact, an effective, up-to-date response plan is proven to reduce the financial cost and reputational damage following a breach by nearly 25 percent per data breach event.
But financial cost is just the beginning and a response plan that fails to account for consumers needs is incomplete. Over the past years, data breaches have continued to climb the charts as one of the greatest impact to a company's reputation, alongside poor customer service and an environmental incidents. Consumers are demanding more from breached companies. Sixty-three percent of respondents to a recent survey believe organizations should be obligated to provide identity theft protection and 58 percent expect active fraud surveillance.
In 2015, as part of a complete data breach protection and resolution service, businesses must offer comprehensive identity theft and fraud protection.
Join Michael Bruemmer, Vice President of Experian Data Breach Resolution for an insightful session on the common mistakes companies make when navigating a data breach, how the last year changed the current data breach landscape and how companies can adapt in case their business is next. Michael's recommendations are grounded in Experian's experience servicing more than 3,000 data breaches in 2014 alone.
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