As 2014 draws to a close, we’re left picking up the pieces from one of the biggest years in data breach history. Compared to 2012, industry reports show a 100-percent increase in the number of individuals notified of a breach– impacting the bottom line and brand reputation of businesses. Set against the data breach landscape, C-suite executives are being held more accountable by stakeholders, regulators and consumers for security lapses. In fact, industry research suggests 51 percent of consumers will take business elsewhere after a company is breached.
With this in mind, it’s become increasingly easier for security executives to demonstrate the need to be prepared for a data breach the same way companies would plan to face a natural disaster or other major business risk. Decision makers at the highest level should take an active role in both preparation and response. And while we’ve seen more companies answering the call and taking basic steps to prepare for the increasing likelihood of a breach, businesses need to do more than simply check the box to establish an effective incident response plan.