Stiffer Fines For Privacy Breaches?
The new proposed fines under #CPPA are just the tip of the iceberg for the total costs of a privacy breach. And chances are your organization will be out of business or at least severely impacted as customers stop buying, and IT triage and cleanup costs skyrocket well before any government fines kick in. #Deloitte's analysis of real-world examples on the true business impact of cyberattacks found the majority of the business impact is on brand, lost revenue, and that it takes years to recover fully.
Why are many organizations still behind on identifying personal and sensitive data risks and taking necessary steps to comply with these tough new regulations? The main reason: CISOs and CIOs are just not that good at translating cyberattack risk and new standards into quantifiable business impact and educating their peers and BoD. A word of advice to CISOs and CIOs: collaborate with your CFOs and COOs to help quantify the business impacts of these new standards and for protecting against privacy breaches to make your case for increased investment now before it is too late!