As the risk of data breaches are on the rise, so are the number of attacks and financial impact on American businesses.
For executives at companies experiencing data breaches, the consequences can be even more dire. It can cost managers their jobs.
Five months after Target's holiday data breach, the retailer's former chairman and chief executive Gregg Steinhafel stepped down from his more than $23 million-a-year position. While Steinhafel also faced criticism for Target's Canadian expansion, the massive breach—which included leaked credit and debit card information for millions of customers—likely played a role, according to analysts.
"Gregg [Steinhafel] led the response to Target's 2013 data breach. He held himself personally accountable and pledged that Target would emerge a better company," the company said in a May 5 statement.
Craig Carpenter, a chief strategist at cybersecurity company AccessData, said the information security community believes the resignation will "help raise information security to a C-level [corporate] issue."