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Data Breach

February 19, 2023

Despite new laws, results of surveys revealed that 43% of businesses stated that they did not put any new security solutions in place to prevent the inadvertent release or access to employee data, and almost half did not change any internal policies to ensure that data were secure. The cost of these data breaches can be large. For example, the average cost of a data breach has increased to almost $7 million per firm. In addition, a recent study by McAfee estimated that global economic losses due to information security breaches amounted to over $1 trillion. Software vendors such as Oracle, are aware of the potential for security breaches and offer multiple security models (e.g., Standard HRIS Security and Security Groups Enabled Security) that enable an administrator to set up HRIS security specifically for an organization. This means that the software allows companies to determine the kind of data access and responsibility each employee has. INSTRUCTIONS: Respond to the question below. There are a variety of ways in which someone can gain access to employee data. Share some of those ways and how you would address them after the fact. How would you prevent them from occurring again?

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