Plugging the Leak: Guidelines for a Data Breach Response Plan
Lane Powell Shareholder Darin Sands authored an article in the May issue of Oregon Business magazine titled “Plugging the Leak: Guidelines for a Data Breach Response Plan.” In the article, Sands discussed the threat that data breaches pose to every business, regardless of size, and in nearly every part of the economy. According to a recent study, an average data breach costs more than $5.4 million. In order to safeguard themselves against a potential breach, there are steps that businesses should take to form an effective data breach response plan. It’s important that businesses involve all relevant players while the plan is being developed, and that the leadership and reporting structures for implementing the response plan are clear. Sands also points out the importance of creating an inventory of the type of personal information collected by a business, who the information is collected from, where the data is stored and who stores it. Incidents of data breaches are rapidly increasing, and it’s important for organizations to have a data breach response plan in place to avoid damages to the company’s reputation while also providing them with a legal defense.
In today’s world, the relevant question is not if your organization will be the victim of a data breach, but rather when it will be attacked. Even though an effective data breach plan requires an initial investment of time and money, the potential return on that investment in the event of a data breach is enormous.