It seems like just yesterday, Sony’s email hack that’s estimated to cost over $100 million was splashed across the news… Oh wait, that still IS splashed across the news!

Now the latest victim of a cyber-attack is Anthem, the US’s second largest healthcare insurance provider. It’s estimated that after Anthem’s cyber security insurance is used up, that this attach will cost the company over $100 million (sound familiar?).  Up to 80 million of Anthem’s records were stolen in the data breach, and other corporations are scrambling to avoid a similar fate.

Most people tend to focus on encryption security after breaches like this, but companies should also be considering proper information governance when it comes to evaluating risk factors. Often in cases of data breaches, the information that was accessed shouldn’t have been there in the first place and could have been minimized with governance policies and procedures.

Information Governance should be on your radar. Eliminating redundant, outdated, and trivial content can potentially save you from spending millions on eDiscovery and help keep your risk to a minimum.

Companies should proactively work to dispose of records when they were no longer valuable. Once data loses its value, the only thing it provides your company is risk and potential damage. Don’t be the next $100 million dollar data breach. Ask us how we can help your organization govern its information.

Sources:

http://www.zdnet.com/article/anthem-data-breach-cost-likely-to-smash-100-million-barrier/

http://www.cnet.com/news/cost-of-anthems-data-breach-likely-to-exceed-100-million/

http://www.zdnet.com/article/anthem-hack-seven-ways-to-protect-yourself-right-now/