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.
A driver from the ride-hailing service is suing the company for not doing enough to prevent the 2014 data breach and then not informing impacted employees sooner.
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.
Cyber attacks have become one of the most worrisome risks considered chief financial officers
September 1, 2014
The rate of CFOs citing cyber attacks as a key concern has risen sharply over the survey’s four-year history, directly correlating to both the frequency and cost of cyber attacks.
Twenty-eight percent of respondents say their CISO has made cybersecurity decisions that have led to negative effects on the enterprise’s financial health, including lost business, decreased productivity or impaired service levels.
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.
The tool does not require identifying information, and it does not collect data without opt-in permission.
June 1, 2014
Tool users, including information-security, risk, financial and other senior executives, can input a range of expenses and estimated costs for either a specific scenario or actual breach, and the app, sponsored by Booz Allen Hamilton, would generate a comprehensive report explaining the total cost and enabling a cost-benefit analysis of security strategies.