Welcome!

News Feed Item

Canadian Companies at Risk of Financial and Reputational Damage Resulting from Mismanaged Personal Information

Most firms are unable to adequately protect their customers against data breaches.

TORONTO, Nov. 23, 2012 /CNW/ - Recent studies indicate major discrepancies between the perception of privacy protection in Canada and the reality behind the ability of companies to protect personal information. A recent report from Advertising Standards Canada and MacLaren McCann indicates widespread willingness among Canadians to share personal information, with up to 79% exchanging their data to obtain a benefit. Trust in companies is increasing as up to 80% of Canadians believe their personal data is adequately protected. Unfortunately, the privacy landscape in Canada may suffer as a result of a false sense of privacy, according to a privacy professional and author of "Managing Personal Information: Insights on Corporate Risk and Opportunity for Privacy-Savvy Leaders" (Carswell, 2012).

The President and principal Risk Advisor of Toronto-based Informatica Corporation, Claudiu Popa says "we have been watching these studies come in and individually, they offer significant insight into the state of privacy but a cross-sectional analysis reveals a barometric predictor of the impact of personal information breaches over the short to medium term. The picture that emerges is anything but rosy. That's why we felt it was important to write this book" he added. According to the Edelman Privacy Risk Index, 62% of companies say their organization does not possess the expertise or technology to effectively protect personal information. The severity of these implications is underlined by a reported 15% annual increase in the number of companies that suffer from external privacy and security breaches (according to Ernst & Young).

While 73% of Canadians appear to show a surprising lack of concern over the information they submit online, they also indicate that they are aware that their Internet activities are tracked for marketing purposes. The majority are willing to share location data, shopping data and other information used for promotional purposes. The critical factor for Canadian companies is that 72 percent of respondents said they worry about the erosion of personal privacy even as they continue to share information online. In fact, the majority of Canadians do not want companies to share personal information with third parties and would prefer to have control over the shared data. The current study's findings independently support the book's perspectives as it offers solutions to prevent privacy breaches and their costly outcomes.

According to Claudiu Popa "89 percent of Canadians believe that they're already sharing too much information online and they're not hypocrites, they realize that they need to share information to get things done. Three quarters of consumers will abandon a company if information was accessed without permission. It's simply the way the economy, and the world as a whole, work. Unfortunately organizations that haven't yet read the book misinterpret the need of individuals to share information as a willingness to surrender personal details or even a weakness to be capitalized on. This is a dangerous conclusion to draw, and 57% of companies appear to support this view, because they said they do not consider privacy and the protection of personal information to be a corporate priority while 53 percent mistakenly believe that a data breach would not tarnish their reputation. 61% do not even enforce full compliance with laws and regulations."

At an approximate cost of $200 per compromised record, the average per-incident cost to companies has often exceeded $7 million over the past few years and will continue to climb with changes in legislation surrounding mandatory breach notification and anti-spam provisions. Between consumer concern, regulatory enforcement and litigation carving deeply into Canadian privacy operations, there should be no question that companies of all sizes need to place an absolute priority on compliance and enforcement, but it is often the damaging reputational impact and media scrutiny that convince firms to get serious about personal information protection. "Managing Personal Information" offers actionable guidance to enable the proper implementation of privacy programs within Canadian organizations.

"Managing Personal Information" is a uniquely Canadian collaborative effort to improve privacy and security practices at the higher levels of public and private leadership. The book's notable authors provide exclusive new content along with a foreword by the Ontario Information and Privacy Commissioner, Ann Cavoukian.

SOURCE Informatica Corporation - Information Security Management

Video with caption: "Video: Managing Personal Information: Insights on Corporate Risk and Opportunity for Privacy-Savvy Leaders. Carswell, Thomson Reuters 2012. Available from www.PrivacyRisk.ca". Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20121123_C2992_VIDEO_EN_21103.mp4&posterurl=http://photos.newswire.ca/images/20121123_C2992_PHOTO_EN_21103.jpg&clientName=Informatica%20Corporation%20%2D%20Information%20Security%20Management&caption=Video%3A%20Managing%20Personal%20Information%3A%20Insights%20on%20Corporate%20Risk%20and%20Opportunity%20for%20Privacy%2DSavvy%20Leaders%2E%20Carswell%2C%20Thomson%20Reuters%202012%2E%20Available%20from%20www%2EPrivacyRisk%2Eca&title=INFORMATICA%20CORPORATION%20%2D%20INFORMATION%20SECURITY%20MANAGEMENT%20%2D%20Canadian%20Companies%20at%20Risk%20of%20Financial%20and%20Reputational%20Damage%20Resulting%20from%20Mismanaged%20Personal%20Information&headline=Canadian%20Companies%20at%20Risk%20of%20Financial%20and%20Reputational%20Damage%20Resulting%20from%20Mismanaged%20Personal%20Information

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...