Data Security Expert John Sileo talks with Fox Business about the recent Target data breach.
Everybody wants your data, especially when you are in the business of meetings. Your data doesn’t just have a high face value (e.g., the attendee data, including credit card numbers that you collect and store in your online registration system), it also has a high resale value .
Here is how the theft is most often committed in your industry:
Research is screaming at us—more than 80% of businesses surveyed have already experienced at least one breach (average recovery cost according to the Ponemon Institute: $7.2 million) and have no idea of how to stop a repeat performance.
Here is a quick ROI formula for your risk: Multiply the number of attendees, employees and executives for whom you store any one of the following pieces of sensitive identity – name, address, email, credit card number, SSN, TIN, phone number – and multiply that by $240 (the industry average per record of lost data). So, if you have identifying information on 1,000 individuals, your out-of-pocket expenses (breach recovery, notification, lawsuits, etc.) are estimated at $240,000 even if you don’t lose a SSN or TIN. That is not a guess, those are real numbers.
As agencies who already stretch every resource to the limit just to stay in the game, you need to do more with less. I can’t possibly give you all of the answers to protecting your bureau or management company in a simple article, but I’d like to share 7 Data Theft Hotspots that you should address first.
This is a very quick overview of some of the risks that I see as most pressing for meeting professionals. Here’s the good news… your espionage and data theft countermeasures don’t need to be sophisticated or expensive to be effective. Targeting the hotspots above is a savvy, incremental way to keep spies out of your agency. But it won’t start working until you do.
John Sileo speaks professionally on identity theft, social media exposure and online reputation and is the award-winning author of the newly released Privacy Means Profit. His clients include the Department of Defense, the FDIC, FTC, Pfizer and the Federal Reserve Bank. Learn more about bringing him in to motivate your organization to better protect information assets and develop information leaders.
I just finished delivering a keynote speech for the Society of Government Meeting Professionals (SGMP) at their annual convention on identity theft and protecting data in the meetings industry. Data security is a top concern in this industry because it is probably one of the most highly-targeted groups for identity theft, social media fraud, data breach and social engineering. Here’s why:
Meeting professionals have enormous responsibilities throughout every stage of the planning process. Identity thieves target conferences because of the sheer quantity and value of data circulating around these events. Protecting sensitive attendee data before, during and after the event has become not only a nicety, but a necessity. Data stolen during the planning, execution or clean-up phases of your event can hamstring your organization with financial liabilities and a public relations nightmare. Start by taking these steps:
Above all, don’t forget to educate your staff and attendees on the risks of data theft while attending a conference. Higher levels of awareness drastically reduce the incidents of attendee identity theft and corporate espionage.
John Sileo is the award-winning author of Privacy Means Profit and America’s leading speaker on identity theft prevention, social media exposure, online reputation management and information leadership. Learn more about his keynote speeches on a variety of topics or call directly on 1.800.258.8076.
Contact: Sue Liming