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Losses Associated with Customer Records, Confidential Information and Intellectual Property Create Surge in Information Protection SpendingJohn Mehrmann
IDC predicts that the Information Protection and Control (IPC) Solutions market will surpass $3 Billion in 2011. This will be a major area of investment over the next five years, representing a compound annual growth rate of 33%. This tremendous growth is fueled by protection of key sensitive information and complying with privacy regulations. Management, control and protection of confidential data is a matter of corporate responsibility and potential for personal liability. The new focus is a move from reactive compliance to proactive and cost-effective information protection and control. Organizations of all sizes are making substantial investments to protect customers and employees from the tremendous risks. All companies, regardless of size, collect some personal information about customers or employees and are involved in a number of financial transactions. In addition to keeping personal information secure, several state and federal laws require companies to establish and enforce information security programs. Risk of non-compliance can mean more than the loss of customer confidence. A breach in security may result in significant fines, civil or criminal charges. With a compound annual growth rate of 33% over the next five years, and an estimated $3 Billion in spending on Information Protection and Control Solutions, businesses are investing to stay ahead of regulatory compliance and tremendous legal fees. “Controls in programs and process will need to be augmented by structured training and disciplined company policies to protect the privacy of the customers and the compliance of the employees,” said John Mehrmann, Consultant for Executive Blueprints, Inc. “Accidental leaks or misuse of intellectual property can be just as harmful as intentional abuse.” “Information is a vital asset for the success of any organization. It is therefore necessary to protect that asset from accidental or intentional, but unauthorized, disclosure, modification, destruction or inability to process that information,” said Louis Mehrmann. Lou Mehrmann is the author of “Risk Management, Are You Prepared to Handle an Unexpected Event?”, “Security is a Management Issue, Are you Prepared to Cope with It?”, and “Ownership and Classification, Protecting Vital Information Assets” Louis Mehrmann is a retired free lance Business Management Consultant with over 45 years of customer focused interrelationships and business process experience. He has specialized knowledge in Information Systems Management, Data Security, Audit Practices and Procedures, and Baldridge Quality Assessments. Electronic copies of his books are available at www.ExecutiveBlueprints.com. In recent years new legislation has been developed to safeguard privacy and disclosure. Widespread concerns for Identity Theft have moved the discussions from the boardroom to the bedroom, bringing the risk and prevention of fraud to a new level of personal awareness. With such rising awareness and concern, additional regulation is sure to follow. “The Federal Trade Commission has stated that all companies must take reasonable steps to maintain sensitive information, regardless of the size of the company,” said Eric Nelson, Privacy and Risk Management Consultant for Strategic Technology Solutions, LLC. “While many companies are starting to wake up to the needs for safeguarding the data, very few have taken precautions to address the most significant variable and risk within their own company, and that is the people and processes.” Strategic Technology Solutions works with companies to develop comprehensive privacy programs to ensure information is secure and that documented processes and procedures are in place. This approach is designed to mitigate risk and protect customers from personal issues associated with data breaches and identity theft. “Many companies do not realize the extent of risks in the way that personal and financial data are being managed,” said Eric Nelson. “Some processes have been in place and overlooked for years until a breach occurs. Prevention and awareness are necessary at all levels of an organization.” “Information has become the world’s new currency,” said Brian Burke, research manager for IDC’s Security Products Program. “The growing number of high-profile incidents in which customer records, confidential information, and intellectual property were leaked has created an explosive demand for solutions that protect against the deliberate or inadvertent release of sensitive information.” For additional information on the news that is the subject of this release (or for copies of the books by Louis Mehrmann), visit The Institute For Advanced Leadership.com Words of Wisdom "There is no security on this earth, there is only opportunity." - General Douglas MacArthur "Better be despised for too anxious apprehensions, than ruined by too confident security." - Edmund Burke "The superior man, when resting in safety, does not forget that danger may come. When in a state of security he does not forget the possibility of ruin. When all is orderly, he does not forget that disorder may come. Thus his person is not endangered, and his States and all their clans are preserved." - Confucius |
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