A 2014 study, “Net Losses: Estimating the Global Cost of Cybercrime,” conducted by software security firm McAfee estimated that cybercrime costs the global economy $445 billion a year. Now it looks like California has taken note of this growing threat by updating its existing laws, which are aimed at protecting consumers against data breaches.
The existing laws take measures to protect consumers’ social security numbers against unwarranted exposure, and require businesses that own or license personal information about California residents to maintain security practices to safeguard this information.
On Sept. 30, 2014 California Gov. Jerry Brown signed AB 1710 into law, which adds another layer of consumer protection to existing laws. This law requires that businesses in California provide at least 12 months of identity theft prevention service and credit monitoring to customers who are affected by a data breach. However, these requirements only apply if customers’ Social Security numbers or driver’s licenses are breached.
Although a benefit to consumers, the new law represents another cost that businesses will have to incur if they fail to keep their customer’s data secure.
AVR provides comprehensive on and off-site data destruction services which help our clients keep their data secure to avoid paying these and other associated costs.
Contact us today for more information