Data breaches are a big concern for market researchers across the USA. If you don’t realize the threat that breaches could have on your organization, consider this: a breach involving 10,000 records could push your organization’s exposure to over $2 million in costs to address it.
According to a recent study released by the Ponemon Institut, the cost of a data breach is estimated at $217 per record. Costs could include potential legal damages from client or respondent lawsuits, plus the associated defense lawyer fees. But on top of that, there are major costs associated with following data breach notification requirements of each state, ,mandatory payments of identity theft services for respondents whose records were breached, and likely you’ll need the help of a good PR firm to steer your brand back on course.
It is crucial that market research organizations are pro-actively limiting their risk of being the subject of an attack. Consider whether or not your organization is following best practices to defend against breaches:
- Be sure to use appropriate data encryption on all data that you are hosting on-site.
- Involve employees in data security efforts. In a recent analysis of over 1,000 recent data breaches, the Online Trust Alliance found that staff error or social engineering were to blame in almost 30% of the cases.
- Dispose thoroughly of all data that is no longer needed.
Voxco software and servers are both extremely secure and we do everything we can to protect your data, but additional pro-active steps are strongly recommended for research organizations worldwide.