If you have 10K Records, Your chance of a material data breach is 22% @ $145 per record
And, loss of brand can be expected to reach $3.3 million, the cost of a data breach is estimated at $3.5 million. Sizeable numbers, and numbers no organization will want to be liable for. Where do these breaches come from? Internally. Yup, your own folks, accidentally or intentionally. The question remains is 22% an ok risk to live with? All depends. Target would say no, although I consider business to consumer companies would want the risk as low as possible.
The problem remains the end user. Perhaps that’s unfair. Even with technologies available (like ours) organizations overwhelmingly depend on the end user to correctly classify and tag content. I wrote a blog about auto-classification, and I think every records manager and librarian in the world was out to lynch me because I was taking away their job! They were not nice. That was not my intent. Many people just don’t want to change. And many organizations don’t know that they can.
Until people and technologies work together, the risk will probably just get higher.
Estimates taken from Ponemon Institute 2014 Cost of a Data Breach