Employees can take up to 600 hours, mainly during business hours, to restore their identities
"If you experience a security breach,
20 percent of your affected customer base will no longer do business with you,
40 percent will consider ending the relationship, and
5 percent will be hiring lawyers".
"When it comes to cleanng up this mess, companies on average spend 1,600 work hours per incident at a cost of $40,000 to $92,000 per victim."
*CIO Magazine, The Coming Pandemic, Michael Fridenberg, May 15th 2006
The Fair and Accurate Credit Transaction Act
(FACTA)
Applies to every Business and Individual who maintains, or otherwise possesses, Consumer Information for a Business Purrpose.
Employee or Customer information lost under the wrong set of Circumstances may cost your Company:
Federal and State Fines of $2500 per Occurrence
Civil Liability of $1000 per Occurrence
Class Action Lawsuits with No Statutory Limitation
Responsible for Actual Losses of Individual ($92,893) Avg.)
HIPAA Security Rule
April 21, 2005 - Scope Broadened on April 21, 2006
Applies To Any Organization or Individuals Who Retain or Collect Health Information:
Medical informaton lost under the Wrong Set of Cricumstances may result in
Fines up to $250,000 per Occurrrence
Up to 10 Years Jail Time for Executives
Gramm-Leach-Bliley Safeguard Rule
(GLBA)
Eight (8) Federal Agencies and any State can enforce this law
Applies To Any Organization That Maintains Personal Financial Information Regarding It's Clients or Customers
Non Public Information (NPI) lost under the wrong set of circumstance may result in:
Fines up to $1,000,000 per occurrrence
Up to 10 Years Jail Time for Executives
Removal of Management
Executives within an organization can be held accuntable for Non-Compliance Both Civily and Criminally
