THE DANGERS OF DATA MISMANAGEMENT
BLOCKCHAIN
42
THE DANGERS OF DATA MISMANAGEMENT
However , in 2019 , data is a sticky subject . The past decade has been defined by high — profile data breaches like the theft of personal information contained in some three billion accounts from Yahoo in 2016 , which takes the trophy for ‘ Biggest Invasion of Privacy in the History of Mankind ’, and was a blunder that knocked an estimated $ 350mn off the company ’ s sale price . “ The damages of these data breaches are not only reputational , but also financial . As a result of Equifax ’ s data breach , the organisation reached an agreement to pay at least $ 575mn and up to $ 700mn to compensate those whose personal data was exposed ,” writes Simon Hill , Head of Legal & Compliance at encryption company Certes Networks . “ In 2016 , Tesco Bank was fined £ 16.4mn by the Financial Conduct Authority ( FCA ) over a ‘ largely avoidable ’ cyberattack that saw criminals steal over £ 2mn from 34 accounts .” No matter the size of the breach , Hill notes , the penalties that companies can incur
NOVEMBER 2019