Insights from crisis response

With reports of cyber incidents dominating the news with increasing regularity, few organizations would deny their growing concern that it may be a case of when, not if, the next headline about a data breach carries their name.

Failing to manage the impact of a breach on customers is likely to not only trigger headline-grabbing regulatory fines but also customer loss. This may in turn affect both the value and the reputation of the brand, increasing the risk of executive resignations and accelerating the plummet of a share price.

Recent regulatory and legislative changes to the Personal Information Protection and Electronic Documents Act (PIPEDA) and the Office of the Superintendent of Financial Institutions breach notification requirements here in Canada have put in place new breach reporting requirements that will force organizations to change how they prepare for and respond to a data breach. These new requirements are not the only component of managing a data breach; the other equally important component involves organizations’ most important asset: their customers.

Read Taking a customer-centric approach to a data breach: Insights from crisis response to learn about developing an effective customer centric response to a data breach.