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The Cost of Data Security Pales against the Cost of a Data Breach

A lot of vendors spend a great deal of time talking about data management to assure their customers that they are taking appropriate steps to ensure data protection. Unfortunately, for many vendors, that’s nearly all they do. Data breaches have become increasingly common and the cost of a breach can be devastating to small and medium sized businesses that lack the financial resources to absorb the cost of careless information management. Additionally, organizations are still liable even when the information is compromised by an outsourced vendor.

What is the cost of a data breach? According to a study by the Ponemon Institute published in March of 2012, the average cost of a single breach is $194 per compromised record. At that rate, even a relatively small number of records can dramatically impact a company’s bottom line.

It’s not just online threats. In fact, a report from Navigant Consulting showed that the number one type of breach was simple theft. When securing your data, you need to consider physical security in addition to digital security.

At Kaye-Smith, we are committed to protecting our customers’ most valuable asset – their data. We are SO 27001 certified for Information Security Management and SSAE No. 16 – SOC 2 Audited to ensure our procedures and controls are defined and implemented to maximize data security. We even employ a full-time, senior level security manager to make certain those procedures are understood and adhered to by all employees.

It’s a level of commitment that other companies don’t always implement. When you’re considering a vendor who will be receiving sensitive customer data, you need to be certain of their security commitment. Don’t just take their word for it, ask them to show you!

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