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Paying the Price for Data Breaches

Target’s price tag for its infamous 2013 data breach keeps getting higher. Last year, it agreed to pay $18.5 million to 47 states and the District of Columbia, implement specific security controls, put a cybersecurity governance framework in place, and adhere to certain audit and reporting guidelines. And that’s on top of the $202 million it’s already spent on legal fees and other costs since the attack. Experts say that the settlement is a signal that companies will continue to be on the hook for massive financial penalties if they suffer data breaches.

Target’s attackers used credentials stolen from one of the retail giant’s vendors to break into a database and install malware. To keep something similar from happening to you, implement a comprehensive security program that constantly monitors your data and who can access it with a combination of data management, vendor assurance, and vulnerability scans. Contact us for help setting it up!