This fall, the Ponemon Institute released its Fourth Annual study, Is Your Company Ready for a Big Data Breach? on data breach corporate preparedness, which revealed that 52 percent of companies experienced data breaches just this past year alone.
Cyber insurance purchases are on the rise. According to Marsh’s 2016 Cyber Benchmarking Trendsreport, there was a 27-percent increase in the number of U.S. clients purchasing standalone cyber coverage for the first time in 2015.
After the leak of the Panama Papers and a string of ransomware attacks, will these new developments lead to new priorities for lawyers, doctors and enterprises at large? Can financial losses or the damage to the reputation of a health system or law firm lead to a new sense of urgency to update accepted security practices and even codes of conduct with hospital data? Will regulatory bodies mandate more training for these two distinguished professions that have largely opted out of serious cybersecurity training up until now?
The job of the Chief Information Security Officer (CISO) has become challenging. As security has become a top-level concern for executive boards who are paying attention to the business impact of security, CISOs now have a seat at the table.
Your company may think it has adequate insurance coverage for a network breach, but there’s a good chance that it does not. According to the findings of a recent UK government report, over half of the companies surveyed thought they had the right coverage in place, while only 10 percent actually did. Another sizable group of those surveyed responded that they had no idea which of the many cyber risks facing their company even could be insured.
Frankly, it’s costing U.S. businesses more than other nations’ enterprises worldwide, according to data collected in the 2014 Cost of Cyber Crime Study: United Statesfrom the Ponemon Institute and HP Enterprise Security. The mean cost of cyber crime for a company in the U.S. last year was $12.7 million per year; other countries’ enterprises mean costs ranged from Germany’s $8.13 million to Russia’s mere $3.33 million. The study observes a $1.1 million (or 9.3 percent) increase in cyber crime costs for the U.S. from last year’s report.
Security breaches cost organizations around the world millions of dollars each year. The average cost of each breach is upwards of $6 million according to a report from the Ponemon Institute, and perhaps more concerning, 50 percent of organizations surveyed were not confident in their security programs.
What does Dr. Park Dietz, one of the world’s foremost forensic psychiatrists, want you to know about mitigating workplace violence? Read his guide on warning signs and prevention, along with features and columns on RFID technology, mobile credential standards, security convergence, CSO interview questions and more in our February 2017 edition of Security magazine.