Considering the push to digitize documents and to store personal information in the cloud, the need for virtual data security is only getting greater. According to a recent report by the Massachusetts Office of Consumer Affairs, nearly 3.2 million state residents were affected by over 1,800 data breaches since November of 2007. Cambridge, Massachusetts-based startup Co3 Systems Inc., pioneered a software as a service (SaaS) data loss management program to help organizations take charge of the situation following a data breach.
After the Massachusetts’s Data Security Breach Law went into effect in 2007, companiesoperating within the state became obligated to let their customers and employees know when their personal information is compromised and to have a plan in place to handle these situations. Presently, 45 other states have passed similar laws.
Co3’s CEO, John Bruce, explained that, while most companies focus of preventing data breaches, his company helps organizations to comply with laws and to act swiftly and effectively following, what he calls “an inevitable” data breach.
Since December of last year, Co3 has tripled its employee headcount—growing from a five- to fifteen-person workforce. The company’s data loss management software is currently used by thousands of companies, including three major banks, six universities, and four major retail stores, among others. Even though the company was just founded in late 2010, it far surpassed the goals of its 2011 business plan, and is on track to at least meet its 2012 objectives as well.
By helping to establish post-breach and incident response plans, Co3 is providing companies with the tools to prepare for, assess, and respond to data breaches and data loss quickly and effectively. For any programmers and engineers looking for a growing market to explore, data loss management is an intriguing option. It will be interesting to look out for new players entering the arena and to watch Co3 grow.
Learn more about Co3 Systems at: http://bit.ly/o1DdhN
Read the complete Massachusetts Consumer Affairs report at: http://1.usa.gov/IMAaFw
Image Credit: Co3 Systems (http://bit.ly/o1DdhN), Security Key (http://bit.ly/KzmPFJ)