To me it seems the insurance liability side is overlooked, but something that needs to be seriously taken. The breach alone could take your company to the brink, but the liability aftermath expenses could collapse your business.
By Francesco Trama, CEO
Every day there are news reports of companies being hacked and breached. In 2011 alone some 23 million confidential records were exposed through more than 414 reported security breaches, as reported by the national nonprofit Identity Theft Resource Center (ITRC).
In 2012 these breaches just got bigger according to the 2012 Cyber Liability & Data Breach Insurance Claims Studyby NetDiligence. Highlights include: Global Payments (1.5 million records), Yahoo! (400 thousand passwords) Wyndham Hotels (600 thousand credit cards), eHarmony (1.5 million passwords), LinkedIn (6.5 million passwords) and the lists continue to grow.
New information recently released by Verzion, 2013 Data Breach Investigations Report, indicates that there’s no letup in sight. Here are six observations from this material:
- All organizations, large or small, profit or nonprofit, are appealing to hackers. 75% of attacks took advantage ofnon-specific targets
- These breaches happen quickly. 84% happen within minutes to hours
- These breaches…
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