Rise in data breaches drives interest in cyber insurance
Companies became much more interested in insurance policies after an incident affected them, study found
Companies became much more interested in insurance policies after an incident affected them, study found
Finance, working with IT, increasingly must manage the serious risks, from planning to handling fallout.
Legal action, exposure and closing accounts are some of the responses Australians would take if their data was compromised by a company, according to a global survey conducted by Unisys.
Consumer advocates as well as many business groups have attempted to get federal laws adopted in the United States that would mandate disclosure of security breaches in which some types of private information about identifiable people are exposed. In spite of the obvious logic of having a national standard, these efforts so far have failed.
Verizon's just-released "2011 Data Breach Investigations Report" says businesses could prevent most data breaches if they stick to security principles that are cheap and easy to implement.
Tokenisation replaces protected data with a digital placeholder that applications use just as they would real Social Security or credit card numbers. But if you're hacked, the data is useless to criminals.
As we noted in last year's CSO article, "Six ways we gave up our privacy," people are increasingly -- and willingly -- throwing their privacy to the wind, thanks to an addiction to Google apps, GPS devices, the BlackBerry, iPhone and Android, and social networking sites like Facebook and Twitter. Some security experts believe privacy is dead already.
When companies publicly declare that they have suffered a data breach, it's best not to reveal how many individual records were involved if they don't want to take a hit in their stock prices, according to a study.