With companies and sensitive consumer information increasingly targeted by vicious cyber attacks, DMA and the legal experts at Venable LLP today released a new guide to state laws on data breach notification. The Essential Guide to Data Breach Notification is being distributed at DMA2014, taking place this week in San Diego.
The average cost to a company to investigate and respond to a data breach is $5.9 million, according to the 2014 Cost of Data Breach Study: United States. Published by the Ponemon Institute and sponsored by IBM, the Study also reported a 15 percent increase in these costs over the previous year.
We’re incredibly proud of this book and hope that it can be a valuable resource to the companies currently working to protect sensitive consumer information. Peggy Hudson, DMA’s Senior VP for Government Affairs, shared her thoughts while introducing the book at DMA2014:
We hear nearly every week about the occurrence of data breaches. Data security and consumer trust are inextricably linked, and it’s up to all marketers to act as stewards of consumer information. With this Guide and our extensive advocacy efforts, DMA is making the task of data stewardship more manageable for responsible actors across the Data-Driven Marketing Economy.
Until Congress passes a national data breach notification law, companies will be required to navigate this complex patchwork of 47 state requirements. This book gives you a guide to prepare and respond to a breach, and DMA will continue to help data-driven marketers stay on top of the plethora of requirements in ever-changing state laws.
The book was also highlighted by DMA Chairman JoAnne Monfradi Dunn in her keynote address.
The passage of a national data breach notification law remains one of DMA’s “Five Fundamentals for the Future,” our policy priorities to protect the value of data-driven marketing. We’ve also put together a fact sheet about data breaches, which you can find here.