Why Do Executives Hide Data Breaches?

1. What are the consequences of a data breach to an organization?
2. What is the most common cause of a data breach?
3. Why are data breaches bad?
4. When should a data breach be reported to senior management?
5. What are the consequences of breaching the Privacy Act?
6. What are the consequences of a breach?

What are the consequences of a data breach to an organization?

The long-term consequences: Loss of trust and diminished reputation. Perhaps the biggest long-term consequence of a data breach is the loss of customer trust. Your customers share their sensitive information with businesses like yours assuming that you'll have the proper security measures in place to protect their data ...

What is the most common cause of a data breach?

8 Most Common Causes of Data Breach

• Weak and Stolen Credentials, a.k.a. Passwords. ...
• Back Doors, Application Vulnerabilities. ...
• Malware. ...
• Social Engineering. ...
• Too Many Permissions. ...
• Insider Threats. ...
• Physical Attacks. ...
• Improper Configuration, User Error.

Why are data breaches bad?

But any data breach can leave you at risk of identity theft if the hackers want to use that information against you. ... It's hard to forget the far-reaching Equifax blunder that exposed Social Security numbers, birth dates, home addresses, tax ID numbers, and driver's license information of potentially 148 million people.

When should a data breach be reported to senior management?

You must report a notifiable breach to the ICO without undue delay, but not later than 72 hours after becoming aware of it. If you take longer than this, you must give reasons for the delay.

What are the consequences of breaching the Privacy Act?

Unless there's a reason to award less, though, the Tribunal has said that cases at the less serious end of the spectrum will range from $5,000 to $10,000, more serious cases can range from $10,000 to around $50,000, and the most serious cases will range from $50,000 upwards.

What are the consequences of a breach?

Some of the more damaging consequences of a data breach include:

• Financial Loss.
• Reputational Damage.
• Operational Downtime.
• Legal Action.
• Loss of Sensitive Data.