[Dataloss] Data Breach and Identity Theft Conference

[Michael Hill, CITRMS]

 I thought the board might find this interesting.  Is anyone attending? 

A huge conference is being held next week in D.C. on Data Breaches and Identity Theft (http://www.americanconference.com/finance/databreaches.htm) where high ranking federal regulators and enforcement officials educating businesses about taking the necessary steps to identify, prevent, and mitigate occurrences of identity theft. The senior regulators will discuss the latest regulatory developments and enforcement priorities, .i.e., "The Red Flags Rule".

I found the Conference Overview to be very interesting in addition to the speakers. 
In 2007, statistics show that the average total cost of a data breach for a company was $6.3 million. Moreover, the average total cost for lost or exposed data grew to $239 per compromised record, and the costs for public relations and communications following an incident have gone up 3% in the last year. Experts warn that the amount of lost revenue a company experiences in the wake of a data breach will only continue to grow, especially as 60% of surveyed customers indicate that they would consider leaving a company following a data breach. 

And to add insult to injury, experts predict that the high profile data breaches like that of TJX and other large scale losses reported last year are only the tip of the iceberg compared to what will be seen in the future, as cyber-criminals get more sophisticated and gain more economic incentives for stealing consumer information. 



Thanks,
Mike

Michael Hill 
Certified Identity Theft Risk Management Specialist
www.idtheft101.net 
404-216-3751
 



"If You Think You're Not At Risk, Think Again!"
 
 
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