CAMBRIDGE, MA--(Marketwire - Sep 11, 2012) - Co3 Systems, a pioneer in Data Loss Management software, today announced the results of an informal survey and independent product test conducted by the Ponemon Institute. Ponemon's survey found that nearly 50 percent of organizations experience ten or more data loss incidents annually that meet the legal criteria that require tracking and reporting. Despite this, more than 60 percent of the organizations surveyed employ manual, repetitive and time intensive processes to manage these incidents across tasks like notifying customers and informing regulators. The Institute has evaluated, and now recommends, Co3 Systems' SaaS-based solution to automate the process, ensure preparedness and accelerate response. This approach ultimately keeps financial exposure to a minimum, protecting the brand and ensuring efficient use of company resources.
For this survey, the Ponemon Institute polled more than 100 influencers in the privacy and data protection community across U.S.-based corporations in conjunction with an in-depth review of Co3 Systems' data loss management platform. Dr. Larry Ponemon, chairman and founder of the Ponemon Institute, will be reviewing the findings from the Institute's latest research, as well as the results of the Co3 platform test during a free webinar on Thursday, September 13, 2012 at 1:00 p.m. ET. Interested parties can register here.
"Not only have the number of data breaches reached epidemic proportions, but organizations are hemorrhaging records at staggering volumes," said Dr. Ponemon. "To start the response process at day zero and square one is not only a recipe for disaster, it is irresponsible business. Privacy has become a hot button issue for everyone from citizen groups to elected officials, and one can only expect protections and regulations to increase. Organizations need to evaluate ways to automate their response process, and tools like Co3 have arrived at just the right time."
In evaluating Co3 Systems' data loss management solution, the Ponemon Institute stated, "We believe this platform provides companies with a comprehensive, structured and very flexible approach to the management of data breach events and incidents." In drilling down on the platform, Ponemon also highlighted the fact that the SaaS-based solution provides, "...incident plans that are completely logical, structurally correct and easy to modify with minimal set-up time." They also noted that, "the repository of summarized privacy and data breach laws for the U.S., as well as by regulated industry sectors, appears to be comprehensive and accurate," and that the ability to simulate incidents for potential analysis and cost impact are "very helpful for maintaining situational awareness and operational readiness."
"The Ponemon survey findings, with regards to data breach response and management, highlight the very real challenges firms are grappling with," said John Bruce, CEO at Co3 Systems. "Organizations realize that the opportunities for loss and exposure -- by their own hand or through partners and connected organizations -- far outnumber the points of control and protection they can implement. It's not surprising that more than one third of those surveyed have tried to create their own automated systems to cope with the implications of a breach. Our knowledgebase of regulations and industry best practices produce instant incident response plans based on the unique characteristics of a breach, and our easy-to-use project management interface ensures a timely, decisive and accurate response by any team."
Co3 Systems' award-winning innovation offers an automated, easy-to-use way to understand the scope of regulations and laws that pertain to each business's customer base and related data. It also allows for the creation and testing of incident response plans that can be rapidly and repeatedly deployed in the event of a data loss situation. The platform provides organizations the most up-to-date information regarding current and pending legislation with extensive links to source legislation, disclosure letter templates, contact information and policies -- all easily accessible at every step of the process. Co3 Systems also maintains a network of leading lawyers and other practitioners in the field to routinely share updates, interpretations and best practices.
About Co3 Systems
Headquartered in Cambridge, MA, Co3 Systems is an innovator in Data Loss Management solutions. The company's SaaS-based offering enables organizations of all sizes to efficiently prepare for, and rapidly manage data loss events. Companies using Co3 demonstrably minimize the costs resulting from data loss incidents. With funding from Fairhaven Capital, the company's executive team and advisors is comprised of security experts from world-leading security, software and service organizations. On the web at www.co3sys.com.