Data breaches seem to be getting more common, and soon they could get more costly. At least one security analyst predicts that a breach will bankrupt a high-profile company.
Bank of America Corp., CardSystems Inc., ChoicePoint Inc., LexisNexis Group and TransUnion LLC represent just a handful of the most recent victims bitten by the breach bug. But the lessons these high-profile companies are learning about customer data security may not be motivating other firms to secure their systems.Many companies have not spent enough money on protection, according to Jon Oltsik, senior analyst with Enterprise Strategy Group in Milford, Mass. "They're playing catch-up now, but some say they will just live with the risk," he said. "Some old-school types can't justify the return on their investment."
And when this time comes, they will throw this cost back onto the consumer.
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