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Data Breach Costs Drop
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Andrew Hornback
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Andrew Hornback,
User Rank: Apprentice
3/20/2012 | 11:26:17 PM
re: Data Breach Costs Drop
I think there's a very important point here about how people have become so numb to these data breaches in that they don't migrate to a competitor.

Let's consider this for a moment - your bank or health insurance provider has a breach and your data is compromised. What do you do? Stay with the same provider or move to a competitor. Now, let's examine what kind of impact that moving to another provider would have on a person's life - changing banks, especially if you are using Direct Deposit or automatic bill payment, is not the easiest thing in the world to do and can very often end up costing you money in the process, then you have to worry about using different ATMs, etc.

What about changing health insurance providers? There are only so many options that the average worker has these days and switching from one network to another can be a major challenge - making sure that your current medical service providers, pharmacies, etc. are on your new plan or making changes, etc. can get overwhelming.

Then when you factor in the idea that if Company A can get hacked and suffer a data breach, what's to say that Company B won't as well? Then you've just suffered through all of that aggrevation for naught.

And finally, once your private information is "publicly available", can you ever remediate things to make that private again? Sure, it's possible, but not without a LOT of aggrevation.

Add it all up, and the average family is more worried about keeping a roof over their heads, gas in the car and food on the table.

Andrew Hornback
InformationWeek Contributor


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