An ounce of prevention is worth a pound of a cure is a phrase often applied to data security at creditor firms and debt collection companies. Every organization in recovery and collections says they have robust data and cybersecurity policies and procedures in place to mitigate risks. Some of them actually do. But those safeguards cannot prevent a data breach. Businesses should be asking themselves not if, but when.
Don't get hung up on prevention! No one in recovery and collections can assume that strong cybersecurity can prevent a data breach. Companies need to plan for response, too, says Michael Orefice, Business Practice & IT Leader at Bridgeforce.
“I’d like to get rid of the word 'if,' and accept the fact that when it happens, I am adequately prepared to deal with [a data breach],” Orefice adds.
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