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Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
Identify and Avoid the Top 5 Data Breach Costs
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Identify and Avoid the Top 5 Data Breach Costs

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Companies face data security risk exposures from internal and external sources every day. A data breach can bring a company of any size to its knees. Identifying and mitigating vulnerabilities is …

Companies face data security risk exposures from internal and external sources every day. A data breach can bring a company of any size to its knees. Identifying and mitigating vulnerabilities is important in order to reduce the likelihood of a breach, but modern companies need to assume that those preventative controls will fail at some point. The goal should be for the company to limit the potential that the incident will actually result in damages, and if there are damages that they are minimized as much as possible.

Join us as Daimon Geopfert, National Leader, Security and Privacy, McGladrey, offers insights and actionable advice to help you create an effective mitigation and response plan for a data breach. Daimon will provide an overview of recent studies analyzing the cost of data breaches. You'll learn how to identify and mitigate the main cost components of a data breach. He'll also discuss the degree to which these exposures can (and can’t be) mitigated by direct company efforts.

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  • Poll #1: On average, what is the time it takes for a company to notice that they have been breached? 
    a) 1 day
    b) 3 days
    c) 7 days
    d) 30 days
    e) Over 30 days
  • Transcript

    • 1. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals Identify and Avoid the Top 5 Data Breach Costs
    • 2. Learning Objectives After attending this event you will be able to: • Develop effective controls to help identify an incident early and correct the issue before damage is done • Develop an effective data breach response plan to minimize damages if they occur • Discover common mistakes made by companies in responding to a data breach
    • 3. Welcome to Proformative Proformative is the largest and fastest growing online resource for senior level corporate finance, treasury, and accounting professionals. A resource where corporate finance and related professionals excel in their careers through: • Uniquely valuable, online Peer Network • Direct subject-matter-expert advice • Valuable Features and Resources All of it completely noise-free Check it out at www.proformative.com
    • 4. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals Identify and Avoid the Top 5 Data Breach Costs Daimon Geopfert, National Leader, Security and Privacy Consulting Technology Risk Advisory Services, McGladrey LLP
    • 5. Agenda • Breach Overview • Breach Statistics • Top 5 Costs • Recommendations • Q and A
    • 6. Breach Overview • What is a data breach? • Actual release or disclosure of information to an unauthorized individual/entity that relates to a person and that: – May cause the person inconvenience or harm (financial/reputational) • Personally Identifiable Information (PII) • Protected Healthcare Information (PHI) – May cause your company inconvenience or harm (financial/reputational) • Customer data, applicant data • Current/former employee data, applicant data • Corporate information/intellectual property
    • 7. Breach Overview Handling the Long- Term Consequences Managing the Short-Term Crisis Evaluation of the Event Discovery of an Event Notification from internal or external sources: Internal Monitoring Employees Law Enforcement Third-Parties Forensic investigation and legal review Direct Response Costs and Losses Response and Legal Experts Bank Accounts Notification and credit monitoring Lawsuits Regulatory fines, penalties, and consumer redress Public relations Reputational damage Income loss • What does a breach look like?
    • 8. Breach Overview • What are the sources? 2014 Verizon Data Breach Report
    • 9. Breach Overview • We still hear quotes today that lost materials (laptops, hard drives, tapes, paper, etc.) are the largest source of data loss but this stopped being true around 2008 • Lost materials often have significant single incident expenses and are caused by low-complexity factors • External attacks have become the bulk, consistent source of data loss • Hacking, malware, and social engineering attacks will account for 80%-90% of breaches – aka. “The big three”
    • 10. Breach Overview • More about that “big 3” • Hacking: – “Traditional” hacking is used post-breach not as the original entry point – Current methods focus on web apps and browser plugins • Client side and drive-by attacks • Malware: – Finding and purchasing non-detectable malware in the underground market is trivial – Modern anti-virus is an 80-20 proposition at best • Social Engineering – Why bother to do all the heavy lifting involved with “hacking” when you can just ask someone to do something for you? – While there is a technical component the attack is against human nature
    • 11. Identify and Avoid the Top 5 Data Breach Costs Thank you for your interest in this presentation. View the on-demand webinar or download the full presentation at: www.Proformative.com

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