CSID - Data Protection - SXSW 2013


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Presentation to support CSID & LifeLock's dual panel for SXSW 2013 about the future of data protection technologies.

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CSID - Data Protection - SXSW 2013

  1. 1. Protecting Customer Datain the Age of CyberAttacks
  2. 2. Breach ImpactsWhy it matters to you, your business and customers
  3. 3. Wide Reaching Impacts: The effects of a data breach• Financial - Litigation - Business loss & focus - Stock devaluation - Identity protection services & support - PR & marketing activity• IT - Security audits and scrutiny - Infrastructure changes• Marketing & Communications - PR & crisis management - Brand degradation & mistrust• Legal - Government regulations - Government notifications - Class action lawsuits v 3
  4. 4. Financial Impacts: The effects of a data breach Improperly managed, an average breach can result in:• 20% of affected customers will cease doing business with the brand• 40% of affected customers will consider ending relationship and will reduce spending with brand• 5% of affected customers will hire lawyers to file class action lawsuits• $318 general cost per compromised recordSource: Ponemon 5th Annual US Cost of a Breach Report v 4
  5. 5. Protecting / Restoring Your ReputationTips for protecting your company from a breach situation, and preparing for restoration
  6. 6. Breach TipsPrevent 1. Establish data, security & infrastructure focus 2. Implement proper procedures and protocols 3. People and policy procedures are just as important at IT security 4. Implement a proactive breach solution for your company BEFORE a breach occurs. 5. Assess & scrutinize the security/data controls of all third party vendors that will be accessing your customer informationReact 5. Communicate quickly and honestly 6. Implement consumer identity protection services for victims in the event of a breach v 6
  7. 7. Breach Readiness Preventing data breaches is only half of the battleEstablish a breach reactionary solution for your company that includes:• Pre-breach compliance guidelines• Breach response insurance• Communication package and plan• Consumer identity protection services & pricing established• Consultative services• Global scalability v 7
  8. 8. Consumer Identity Protection• Identity Monitoring - Credit monitoring - Internet surveillance - Public Records• Identity Restoration - A good investment for customer retention - Makes the problem go away for the customer• Identity Theft Insurance - Mainly a marketing message - Only covers expenses related with recovering your identity• Call center support - Most companies are not prepared for the volumes of the questions - Allows company to move forward with day to day operations - Provides a better customer experience v 8