It’s a company’s worst nightmare: a data security breach. In a moment, confidential, client-specific and your organization’s financial data is compromised by someone hacking into your seemingly secure computer system. A security breach presents a challenge to all businesses; and while we hear about large businesses that are affected (Target, Home Depot, etc.) SME’s are at-risk as well.
Security breaches affect everyone, but no one feels the pain more than the company’s CFO. The Finance Executive’s role is changing, adding IT and further data management functions under their purview. In addition, security breaches take a direct hit to the bottom line. In the Ponemon Institute’s 2015 Cost of Data Breach Study (sponsored by IBM) the total average cost paid by organizations is $6.5 million, with an average cost for each lost or stolen record containing sensitive and confidential information being $217.