Compared to the cost of maintaining cyber security measures and personnel, the cost of proper decommissioning of end of use assets is minimal. Compared to the cost of a data breach and the resulting lawsuits and loss of customer confidence, the cost is infinitesimal.
In 2011, healthcare provider, TRICARE was sued in eight separate privacy lawsuits after a backup tape was lost. The suits sought a combined $4.9 billion in damages.
Even when courts rule in favor of the defendants in these cases, the legal costs of defense can easily run into the millions.
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SOURCE ARCOA
