Target, Nordstroms, and more recently Georgia’s Phoebe Putney Memorial Hospital are just a few of the large companies who experienced security breaches during 2013. However, according to a Ponemon Institute survey, the majority of small business owners find themselves targets of data breaches each year. The silver lining is, whether it is large or small businesses, it is clear that these problems open a whole world of opportunities for innovative new products and services.
Google announced on January 23, 2014 that $150,000 would be awarded for Chrome system level exploit and $110,000 will be awarded for a Chrome browser level exploit. Awards are first come first serve and will continue until the entire $2.71828 million bank is depleted. For decades the government and major corporations have employed consultants to attempt to exploit their computer systems in efforts to ensure that they have secured every potential weakness in the system. These opportunities will continue to exist for these individuals.
Companies who can corral the best hackers and supplement that service with comprehensive risk plans that include employee policies, security protocols, and software and hardware suggestions will excel.
Another way for small businesses to transfer this risk is transfer storage of these systems and data to third party entities opening opportunities for even more data storage companies. Of course, the most competitive entities will be those who invest in their own state of the art security and data protection systems.
Reputation & Notification Opportunities
When there is a data breach the breached company is required to provide notification to its customers. In Georgia there is no defined timing for the notification but it must be the most “expedient time possible and without unreasonable delay”. Georgia companies must also notify consumer reporting agencies where the number of affected Georgia residents is more than 10,000. In addition, companies will be needed to manage customer inquires and media attention after customers are notified. Reputation protection services like these are key to ensuring that customers continue to feel safe purchasing from the breached company.
There are millions of companies seeking a solution which will allow them to do business safely. This is the prime opportunity for companies who can create the products and services.