BIA, a leading national eDiscovery and digital forensics company, announced today that the company has been named a bronze winner for Most Innovative Service of the Year in the Best in Biz Awards, the only independent business awards program judged by prominent editors and reporters from top-tier publications in North America. The award is for the company’s Data Breach Services, which was launched in 2019.
With more than 700 entries, the 9th annual award program attracted a record number of entries from an impressive array of public and private companies of all sizes and spanning all geographic regions and industries in the U.S. and Canada. Best in Biz Awards 2019 honors were conferred in 80 different categories.
“We are honored and excited to be recognized for our work in helping companies respond to data breaches. We pride ourselves on being a company of innovators, and this latest award for Innovative Service of the Year is further proof that we are living up to those standards,” said BIA’s President and CEO Brian Schrader. “Our Data Breach service provides an uncommon, but needed, approach to data breach response, saving our clients time, money and any further grief from breach or compliance issues.”
Data breaches have become extremely common and their effects run deep and wide. In 2018 there were an astounding 2,216 data breaches reported worldwide, according to Verizon’s 2019 Data Breach Investigations Report. Each breach costs the affected company an average of $3.92 million, according to IBM Security’s 2019 Cost of a Data Breach Report.
Because of the high risk to personally identifiable information (PII) – including names, phone numbers, email addresses or even license and social security numbers – national and state governments have established regulations to minimize the damage from data breaches. The regulations require infringed companies to identify stolen data and notify affected individuals within a very short timeframe. When a company with sensitive data is hacked, it’s crucial to act quickly and correctly. However, few companies have access to technology that allows them to quickly dive into all data, find specifically who was affected and what of their information was taken, and provide the necessary reporting back to the government and stakeholders.
That’s why the eDiscovery and digital forensics experts at BIA established Data Breach Discovery in early 2019. This innovative service combines cybersecurity methodologies, eDiscovery technology and proprietary, defined workflows to quickly, securely and cost-effectively identify data that was compromised during a breach.
“Our company was already using multiple sophisticated technologies and data management processes for digital forensics, electronic discovery and in-depth analytics in litigation. We realized we could use our existing technologies and people and could modify processes to provide a new service – one that, unfortunately, is needed more and more often,” said Schrader. “Data Breach Discovery, as its sometimes called – including data collection and assessment, advanced text analytics, cutting-edge database analysis, end-to-end review and forensic investigation – pinpoints compromised data and ensures quick, accurate notification to affected custodians.”
Most data breach response providers don’t include the identification of compromised individuals in their services or specifics about what of each person’s information was affected. Until recently, companies and their legal teams were required to identify and alert all parties on their own. Improperly doing so or taking too long to do it – some states require notification within 30 days – could result in charges of intentionally withholding information, punishable by massive fines.
BIA Data Breach Services are unique because of the ability to quickly and accurately identify custodians and specific data, thus complying with regulations and reducing the risk of inadequately notifying affected individuals. The Best in Biz judges agreed, including it as one of the Most Innovative Services of the Year.
Since the program’s inception in 2011, Best in Biz Awards’ entrants have spanned the spectrum, from the most innovative local companies and start-ups to some of the most recognizable global brands. The 2019 judging panel included, among others, writers from Accounting Today, AdWeek, Associated Press, Barron’s, Consumer Affairs, eWeek, Healthcare Innovation News, Inc., Investment Advisor Magazine, USA Today and Wired.
For a full list of gold, silver and bronze winners in Best in Biz Awards 2019, visit: http://www.bestinbizawards.com/2019-winners.