Systems and Security : Governance, Risk, and Compliance

2. Identity theft: A breach can result in the theft of sensitive personal information, such as Social Security numbers, credit card numbers, or other financial information. This information can be used to commit identity theft, which can have a long-lasting impact on the individual's financial stability and reputation.

3. Fines: In some cases, a breach can result in financial penalties from regulatory bodies, such as the European Union's General Data Protection Regulation (GDPR) or the United States' Health Insurance Portability and Accountability Act (HIPAA). These fines can be substantial and can have a significant impact on the organization's finances.

4. IP theft: A breach can also result in the theft of sensitive intellectual property, such as trade secrets, product designs, or confidential business information. This can result in significant financial losses for the organization and can give competitors an advantage in the marketplace.

Notifications of breaches

The notifications of breaches refer to the process of communicating a data breach to stakeholders, including employees, customers, and relevant regulatory bodies. This process is important because it helps organizations to assess the severity of the breach and take appropriate steps to mitigate further damage. The escalation process involves moving the issue up the chain of command to ensure that senior management is aware of the situation and can take necessary actions.

Public notifications and disclosures are a regulatory requirement in many jurisdictions and are necessary to inform individuals whose personal information has been compromised. In some cases, organizations may also choose to make a public announcement to maintain transparency and reassure their stakeholders. Public notifications and disclosures can have a significant impact on an organization's reputation, so it is important for organizations to have clear policies and procedures in place to handle these situations effectively.

Data types

Data classification refers to the process of categorizing data based on its level of sensitivity, importance, and the potential impact if it were to be accessed, used, or disclosed without authorization.

Public data refers to information that can be freely shared without any restrictions or limitations.

Private data is information that is intended for internal use only, within the organization or by authorized individuals.

Sensitive data refers to information that requires a higher level of protection due to its confidential or critical nature, such as medical or financial information.

Confidential data is information that should only be shared with authorized individuals, and that needs to be kept secret for the protection of the organization, its clients, or customers.

Critical data refers to information that is essential to the operation of the organization, and that requires the highest level of protection.

Proprietary data refers to information that gives an organization a competitive advantage or is considered to be a trade secret.

Personally identifiable information (PII) refers to data that can be used to identify an individual, such as name, address, or Social Security number.

Health information refers to any data related to an individual's physical or mental health.

Financial information refers to any data related to an individual's or an organization's financial status, such as bank account numbers or credit card information.

Government data refers to information collected or created by the government.

Customer data refers to any data related to an organization's customers, including demographic information and purchase history.