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Customer data can be a treasure trove for an organization. Unfortunately, some have discovered that, unless handled carefully, it can also be its greatest liability.
The annual study of “cyber insurance” policy claims by think tank NetDiligence showed the average insurance claim amount was $673,767, with average legal fees of $434,354. The study shows risks are spreading to smaller organizations and across industries more than ever.
Inadequate vendor management, intentional data use violations and privacy policy mistakes are often to blame. Privacy risks are manageable with professional guidance, and the peace of mind is well worth the effort.
– Matt Cordell, Attorney and Certified Information Privacy Professional, Ward and Smith, P.A.