Final answer:
Responsibility for risk management belongs to senior management with the CISO and IT department often leading in information security matters. Data breaches can have severe consequences, involving the theft of various sensitive data which can lead to identity theft and financial fraud. Prevention includes rigid security measures, regular audits, and effective incident response plans.
Step-by-step explanation:
Responsibility for risk management in an organization is generally shared across various roles, but ultimately, senior management holds the highest level of responsibility. In terms of information security risk management, it is usually the IT department, spearheaded by the Chief Information Security Officer (CISO), which takes the lead. This is because they have the expertise necessary to identify, assess, and mitigate risks to information assets.
When hackers break into businesses, organizations, and medical systems, they can steal a variety of information including personal data, intellectual property, financial records, and sensitive health records. This stolen information can be used for identity theft, financial fraud, or sold on the dark web. After a breach is known, it is crucial for organizations to promptly respond by notifying affected parties, investigating the breach, and taking steps to mitigate any damage.
Preventing data breaches involves implementing robust security protocols such as regular security audits, employing up-to-date security software, and conducting employee training on security best practices. Efficient incident response plans are also vital in reducing the damage caused by potential breaches.