The massive data breach recently suffered by Target is a prime example of the consequences organizations face when confidential information is either lost or stolen. Not only did it impact sales during the crucial holiday shopping period, but it also shook the confidence of many of the retailer’s loyal customers. The retail giant could also take a substantial financial hit. According to USA Today, multiple class-action lawsuits have already been filed against Target as a result of the breach and attorney generals in at least four states have asked the company for more information about the incident.
Of course, the theft of debit and credit card information from Target was just one of numerous data breaches that occurred last year. When it comes to 2014, however, the outlook for the impact and scope of data breaches appears to be mixed, according to a whitepaper published last month by Experian Data Breach Resolution. “In terms of this study, we felt we were in a good position to go ahead and provide some commentary on 2014 because we had another record year for number of incidents that we actually serviced,” said Michael Bruemmer, the company’s vice president.