Many U.S. companies are seeing their profits and productivity soar, and it’s likely they’ll soon have a new reason to spend some of that cash to protect the personal information of both employees and customers.
Why? Because, as a new report from Ernst & Young points out, new directions in technology have dramatically increased the risk to this kind of data.
With the rise in popularity of mobile devices, cloud computing and social networking, there’s also a new government that’s more prone to both regulation and law enforcement, both of which make it likely that data breaches and leaks will come with a big price tag.
The Ernst & Young report, “Privacy Trends 2011: Challenges to Privacy Programs in a Borderless World,” found that companies will spend money in 2011 to hire highly skilled certified privacy professionals and invest in technical controls that monitor and manage external attacks and internal leaks from within the organization.
Many experts recommend companies plan for these types of costs in their next IT budgets.