Final answer:
Individuals responsible for a PII breach can face financial fines, imprisonment, lawsuits, and restitution costs. Organizations may incur regulatory fines, financial losses, and reputational damage following a breach of personal data.
Step-by-step explanation:
Individuals can incur various penalties for a breach of Personally Identifiable Information (PII). Penalties can range from financial fines to imprisonment, depending on the severity and jurisdiction of the breach. In cases where negligence leads to a PII breach, individuals may face lawsuits and be required to pay restitution to those affected. Organizations may face steep repercussions, including regulatory fines from bodies such as the Federal Trade Commission (FTC) in the United States or the Information Commissioner's Office (ICO) in the UK.
For example, following significant breaches like those affecting Target, JP Morgan, and Verizon, these companies faced massive financial losses and damage to their reputation. Additionally, they were subjected to government and industry investigations and the consequent penalties.