16 Feb Research Suggest Companies with Strong Data Privacy Policy Can Save Millions
New research from experts at Colorado State University and University of Washington indicate that a good corporate privacy policy can protect companies from losses amounting to millions, while the lack of, or a flawed policy can compound the problems caused by breaches.
Upon studying the privacy policies of Fortune 100 companies, Professor Robert W. Palmatier, along with associate professors Kelly D. Martin and Abhishek Borah found that firms such as Costco, Verizon, and HP had been insulated from “spillovers” caused by competitor breaches, while CitiGroup, Morgan Stanley, and HCA suffered billions in stock value loss for not offering high transparency and control to its customers.
The experts also noted that even if companies use data privacy practices to shield themselves from data breach ripples within their industry, they must still implement such efforts in a meaningful way.
Source: HBR
