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March 06, 2017

Can Executives Be Punished for Data Breaches? You Bet

Over the last several years, we have seen a noticeable shift in how organizations view cybercrime. What started as a backend IT issue, cybercrime is now very much an issue for C-level executives.

Just ask Yahoo CEO Marissa Mayer, who will have to pay a penalty for the two massive data breaches that her company experienced under her watch in 2013 and 2014.

Sources indicate that Mayer will be denied a bonus of at least $2 million, and she will also have to forego her annual stock award which is worth millions of dollars.

Yahoo, it should be noted, also forced general counsel member Ronald Bell to resign after the incidents without severance pay.

Unfortunately, many C-level executives are learning the hard way that when data breaches happen, heads can roll. CSO, for instance, recently pointed out a few major CEOs who were forced to move on from their companies after data breaches.

They include:

  • Target CEO, President and Chairman Gregg Steinhafel (Resigned from all positions)
  • Home Depot CEO Frank Blake (Retired shortly before the company’s high profile breach in 2014)
  • Sony CEO  Amy Pascal (Fired for Sony’s December, 2014 data breach)

Why do C-level executives often find themselves out of work after a data breach? It can happen for a few different reasons. Sometimes, a company’s investors may get involved after a breach and declare a vote of no confidence. Other times, a company will take a proactive stance and bring in new leadership to show customers that action is being taken to stay safe.

So, do you like your cushy corner office? We want to help you stay there. To learn more about how working with a managed services provider can help protect your organization from cybercrime, click here.

A new breed of hacktrepeneurs has awoken and they have little to fear and everything to gain by infecting as many companies as possible and extorting money from them. Apex Technology Services stands ready to protect your company regardless of whether it’s located in New York CityWhite Plains, New York; Connecticut; Australia; Europe; or anywhere else. Our full suite of cybersecurity and IT support services is at your disposal, enabling you to spend less time worrying about and more time growing your business.

To ensure your security, consider one of our most popular services — Auditing & Documentationwhich pinpoints vulnerabilities in your infrastructure, process flow and internal security procedures.

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