Affected consumers outraged over last year’s Home Depot massive data breach filed a class action lawsuit this month claiming company leadership did nothing to mitigate identified security risks, which were ultimately exploited by cyber criminals. This “overarching complacency,” according to the lawsuit, included understaffing IT departments, ignoring SEC filings that admitted risks to consumer privacy and security, and violating their own policies of protecting customers’ personal identification information, among other reasons.
If history is any indication, Home Depot may be looking at spending millions of dollars to settle the case. For example, Target agreed to a $10 million settlement earlier this year for similar circumstances surrounding a 2013 data breach wherein nearly 61 million people had their personal information stolen, including an estimated 42 million stolen credit card account numbers.
Cybersecurity, therefore, is not just a means to safeguard your company’s information; it is also a way to protect your company’s reputation and finances. For businesses large and small, it is imperative that all employees—not just IT personnel—understand the potential causes of a data breach and know the ways for reducing the risks. Educating your entire company on cybersecurity policies will go a long way toward improving your business continuity and protecting your assets.
For more information on how to guard against a data breach, click on the Data Breach Checklist to download your free copy, and begin training your employees today! To review other ways Preparis makes cybersecurity easy, visit www.preparis.com or email us at firstname.lastname@example.org.
Marlia Fontaine-Weisse is the Content Manager for Preparis.