Did you know there is a growing threat of cyber liability to public entities?
Click on the infographic from Glatfelter Public Practice to learn cyber statistics, the average cost per breach and more.
This document discusses a panel discussion on cyber liability coverage. It includes:
1) An overview of what constitutes "cyber" liability, including failures of network security, wrongful disclosure of information, privacy/security investigations, and media content issues.
2) Examples of coverage sections in cyber policies, including first party coverage for expenses/business interruption and third party coverage for liability.
3) Hypothetical breach scenarios involving exposed PII, negligent service providers, state-sponsored hacking, and network/property damage.
4) A discussion of social engineering threats and how related losses may be covered under crime policies or financial bonds depending on if hacking or authorized users were involved.
This document provides an overview of protecting personal information and building an effective privacy program. It notes that information fraud is increasingly common, with employee abuse and external hacking as major causes. Personal data has become a commodity on underground markets. The document proposes a framework for enterprises to assign responsibilities, document policies, define incident response processes, and raise awareness. It also recommends gap assessments, retention schedules, security baselines, training strategies, and incident management processes to prepare an effective IT response for handling personal information and privacy incidents.
This document discusses protecting personal information and building security programs. It notes that information fraud is rising, with employee abuse and external hacking as major causes. Complex IT infrastructures also contribute. Personal data theft and fraud involving multiple countries are increasing issues. Personal data has become a commodity on underground markets. Corporate security responses are often inadequate. Analysis of past privacy incidents found design errors, email errors, and lost/stolen media as primary causes. Preparing effective security strategies like access governance, data leak management, and incident response can help address these issues and protect personal information.
Learn why the legal industry is such a popular target and what common mistakes can be found at most firms. You'll also discover why it's important to have a plan in case your firm falls victim to a breach.
This document discusses social media and its uses in claims handling and litigation. It provides definitions and examples of key terms like social media, web 2.0, and the internet of things. It describes the types of personal information that can be learned from social media and other online data sources. It also discusses ethical considerations and court decisions around using social media information in litigation. The key takeaways are that social media investigations are essential for effective claims handling, public social media information can lead to private insights, and claimants are no longer strangers due to available online data.
This white paper discusses the various cyber threats targeting healthcare organizations and the challenges security professionals face in securing access to protected health information.
This document discusses a panel discussion on cyber liability coverage. It includes:
1) An overview of what constitutes "cyber" liability, including failures of network security, wrongful disclosure of information, privacy/security investigations, and media content issues.
2) Examples of coverage sections in cyber policies, including first party coverage for expenses/business interruption and third party coverage for liability.
3) Hypothetical breach scenarios involving exposed PII, negligent service providers, state-sponsored hacking, and network/property damage.
4) A discussion of social engineering threats and how related losses may be covered under crime policies or financial bonds depending on if hacking or authorized users were involved.
This document provides an overview of protecting personal information and building an effective privacy program. It notes that information fraud is increasingly common, with employee abuse and external hacking as major causes. Personal data has become a commodity on underground markets. The document proposes a framework for enterprises to assign responsibilities, document policies, define incident response processes, and raise awareness. It also recommends gap assessments, retention schedules, security baselines, training strategies, and incident management processes to prepare an effective IT response for handling personal information and privacy incidents.
This document discusses protecting personal information and building security programs. It notes that information fraud is rising, with employee abuse and external hacking as major causes. Complex IT infrastructures also contribute. Personal data theft and fraud involving multiple countries are increasing issues. Personal data has become a commodity on underground markets. Corporate security responses are often inadequate. Analysis of past privacy incidents found design errors, email errors, and lost/stolen media as primary causes. Preparing effective security strategies like access governance, data leak management, and incident response can help address these issues and protect personal information.
Learn why the legal industry is such a popular target and what common mistakes can be found at most firms. You'll also discover why it's important to have a plan in case your firm falls victim to a breach.
This document discusses social media and its uses in claims handling and litigation. It provides definitions and examples of key terms like social media, web 2.0, and the internet of things. It describes the types of personal information that can be learned from social media and other online data sources. It also discusses ethical considerations and court decisions around using social media information in litigation. The key takeaways are that social media investigations are essential for effective claims handling, public social media information can lead to private insights, and claimants are no longer strangers due to available online data.
This white paper discusses the various cyber threats targeting healthcare organizations and the challenges security professionals face in securing access to protected health information.
Cyber crimes are growing rapidly and cyber liability insurance is the safest way for companies to stay harmless. Information security is expected by all the customers and loss of these information could cost a company loyal customers and financial crisis.
Managing and insuring cyber risk - coverage of insurance policiesIISPEastMids
This document provides an overview of typical cyber insurance policy coverage, including available first party losses coverage for breach costs, business interruption, hacker damage, and cyber extortion. It also discusses third party liability coverage for privacy claims, investigations, and media liability. Common pitfalls are outlined, such as precautions against loss, employee dishonesty exclusions, issues with third party suppliers, and jurisdictional limits. The summary emphasizes that cyber policies can vary and understanding the specific risks to your business and the details of coverage is important, advising the reader to seek advice when purchasing a policy.
This document discusses cyber risks and cyber liability insurance. It summarizes that many major companies have experienced data breaches in recent years. It outlines common cyber risks like computer intrusions, loss of physical devices, and social media issues. It recommends basic loss control techniques and identifies what cyber liability insurance can cover, such as first and third party losses from network security breaches, privacy breaches, and internet media liability. Coverage limits start at $100,000 with premiums as low as $250.
The Unseen Enemy - Protecting the Brand, the Assets and the Customers BDO_Consulting
Michael Barba and Jeff Hall discuss the most pressing cyber-threats facing retailers and what companies can do in the event of a cyber breach, data loss or claim. Mr. Barba is a managing director and Mr. Hall is a senior manager with BDO Consulting.
A presentation on insurance coverage for cyber security given by Victor Ulrich of Arthur J. Gallagher & Co. at the Association of Hospitality Professionals' June 30th, 2017 meeting.
There are a few ways to manage/archive/produce your digital public records, and 2 of them can cause your department to spend needless legal dollars and countless IT man-hours. Join Don DeLoach (Former CIO of City of Tallahassee) and Smarsh as they review the 3 methods, and show you which one drastically reduces the time, effort ,and costs associated with your State and Local Public Records Laws.
In this webinar, Smarsh and Don DeLoach cover:
- 3 ways to manage/archive/respond to digital public records
- Identify the pain points in current records processes
- What to look for in a records management and archiving solution
DATA BREACH & PREVENTION - Hemali RangoliyaNSConclave
How is data loss a threat in the cyber security world, leaving companies with low-risk ratings despite having certain security measurements and certifications at times. What are the major causes and how it can be prevented
https://nsconclave.net-square.com/data-breach-&-prevention.html
White Paper - Nuix Cybersecurity - US LocalizedStuart Clarke
This white paper discusses adopting a "good shepherd model" for cybersecurity to minimize potential damage from data breaches. It recommends knowing where important data is stored, understanding its value, and protecting it accordingly. This involves four activities: 1) defensibly deleting low-value data to reduce investigation scope; 2) locating high-value records and moving them to secure repositories; 3) protecting high-risk private data with encryption and access controls; and 4) applying policies and audits to ensure only authorized users can access important data. Through these efforts, organizations can understand their data worth and reduce opportunities for breaches of important information.
This document provides an overview of various cybercrime topics including common cybercrimes like business email compromise, ransomware, and data breaches. It discusses statistics on internet usage and economic factors related to cybercrime. Examples are given of real data breaches at companies like Equifax and First American Title that resulted from unpatched vulnerabilities. Lessons learned are outlined around the importance of swift patch management, user education, and an organizational approach to information security where technology, policies, and human factors all play a role. Emerging trends mentioned include increased COVID and election related cyber attacks relying on disinformation.
Complacency in the Face of Evolving Cybersecurity Norms is HazardousEthan S. Burger
Complacency in the face of evolving cybersecurity norms is hazardous. Executives and boards are often reluctant to adopt comprehensive cybersecurity policies due to costs and contradictory advice. However, failing to take action increases regulatory and legal risks. Cyberattacks are difficult to defend against and are becoming more sophisticated. Small and medium enterprises are particularly vulnerable targets but may underestimate threats due to limited resources. Government efforts to work with businesses on cybersecurity have been inconsistent, creating uncertainty around compliance. Cyberbreaches can result in significant litigation and liability for companies, especially as legal standards continue developing. Comprehensive and strategic planning is needed to address diverse cyberattack risks.
Cyber liability insurance provides protection against the risks associated with data breaches and loss of personally identifiable information. As property owners and managers collect large amounts of private data on residents, employees, and applicants, the costs of a cyber attack or data breach can be substantial. Cyber liability policies cover expenses like notification of affected individuals, credit monitoring, lawsuits, investigations, and loss of business resulting from attacks. While prevention is important through security measures and policies, the growing threat of cyber crime means companies should evaluate cyber liability insurance as part of their risk management strategy.
This document discusses cybersecurity threats facing businesses and provides tips to improve cybersecurity. It notes that 55% of small-to-medium businesses experienced a ransomware attack in the past year. It recommends taking cybersecurity seriously, being aware of compliance regulations, protecting personally identifiable information, addressing system vulnerabilities, focusing on employee awareness, and monitoring networks. It advocates for working with a managed IT services provider to implement security best practices and adapt quickly to evolving threats.
iStart feature: Protect and serve how safe is your personal data?Hayden McCall
The revelations of the Heartbleed vulnerability in April and the recent implementation of Australia’s new privacy regime in March have put data breaches firmly back in the limelight. Clare Coulson finds out more...
The document discusses data privacy, ownership, and the Internet of Things (IoT). It notes that while companies own data collected and correlations made, users have rights to control their personal data. Laws like GDPR protect personally identifiable information (PII), and breaches can result in costly class actions, clean-up costs, and fines if PII is collected without consent. The document recommends mitigating risks by following privacy- and security-by-design practices and obtaining user consent in privacy policies.
Corporate role in protecting consumers from the risk of identity theftIJCNCJournal
The Internet has made it possible for users to be robbed of their reputation, money and credit worthiness by
the click of a mouse. The impact of identity theft severely limits victims’ ability to participate in commerce,
education and normal societal functions. This paper evaluates resurgence in syndicated cyber attacks,
which includes but not limited to identity theft, corporate espionage and cyber warfare taking advantage of
the Internet as a medium of operations. The paper highlights the increase of cyber related attacks in the
past ten years due to lack of transatlantic international corporation between participating countries,
coherent information security policies, data aggregation and sound international laws to facilitate
prosecution of perpetrators. The cyber space coupled with availability of free hacking tools has contributed
to resurgence in syndicated identity theft, corporate espionage and identity theft by organized crime
elements taking advantage of the Internet as a medium of operations. This paper presents conclusive
solution that users, organizations and consumers can enact to protect themselves from the threat of cyber
attacks culminating into identity theft, financial loss or both.
New York State Department of Financial Services Expands Its Cyber Focus to In...NationalUnderwriter
New York State Department of Financial Services Expands Its Cyber Focus to Insurers by Eric R. Dinallo, Jeremy Feigelson, David A. O’Neil, Jim Pastore, and Jordan R. Friedland
The New York State Department of Financial Services (“DFS”) recently announced a major expansion of its cybersecurity efforts: DFS will require insurers to respond to a special “comprehensive risk assessment” on cybersecurity, with those assessments to be followed by an enhanced focus on cybersecurity as part of DFS’s regular examinations of insurers. DFS’s announcement expands to insurance the increasingly rigorous approach it has recently applied to banks in the area of cyber security. More importantly, it offers critical guidance to all industries about what regulators will consider adequate precautions and preparation in this area.
Cyber-Security: A Shared Responsibility -- November 2013Amy Purcell
This document summarizes a presentation about cyber security and data breaches. It discusses statistics about data breaches in 2012, including that 92% were perpetrated by outsiders and 76% were caused by weak or stolen passwords. It also discusses the costs of data breaches to organizations, noting they averaged $5.4 million in 2012. The document outlines topics like what constitutes a data security breach, why a response plan is needed, how to respond to a breach, and regulatory requirements around notification of breaches.
74 x9019 bea legal slides short form ged12.12.16Glenn E. Davis
Complex cybersecurity issues like data breaches, ransomware attacks, and evolving threats from sophisticated hackers are an ongoing challenge for all industries. The healthcare industry in particular saw over 100 million patient records compromised in 2015. While estimating costs of data breaches is difficult, the average reported cost is around $6.5 million per breach or $217 per compromised record. Proper preparation, compliance, security practices, incident response planning, and legal risk management are needed to deal with these ongoing threats.
This document provides an overview of data privacy for governmental organizations. It discusses what data privacy is, the risks associated with it such as identity theft, and common laws around data privacy including California state laws. It recommends that organizations take an inventory of their data, develop privacy policies and training, and ensure proper system monitoring and controls. The document emphasizes being proactive on data privacy issues.
Presented by The National Underwriter Company, and brought to you by FC&S Legal:
Insurance coverage experts Anjali C. Das and Jerold Oshinsky provide a timely presentation on cyber liability insurance--offering practical tools and guidance on key insurance coverage issues.
Also included: The latest cyber policies—including a discussion of key policy provisions and leading cases that have interpreted the new policies.
Viewers will also find vital information on:
• Examples of the kinds of claims asserted for data breach and privacy
• Coverage under traditional policies: ISO Pre-2001 CGL; ISO Post-2001 CGL
• The evolution of case law for coverage under traditional policies
• Why corporate boards should pay attention to cyber risk, including statistics, D&O Exposure, and D&O Policies
Cyber liability and the growing threat to emergency servicesVFIS
Emergency service organizations are high value targets of cybercriminals due to patient medical records, personal and organizationa information and more.
Data breaches reached record levels in 2014, with over 5,000 incidents compromising an estimated 675 million records. Healthcare organizations experienced the most breaches at 42.5% of the total. Major breaches impacted Sony, J.P. Morgan, Home Depot, and eBay, compromising millions of customer records. The costs of data breaches for US companies averaged $201 per compromised record, with total costs increasing 15% on average. Looking ahead, healthcare breaches and threats to corporate intellectual property and trade secrets are expected to remain significant risks.
Cyber crimes are growing rapidly and cyber liability insurance is the safest way for companies to stay harmless. Information security is expected by all the customers and loss of these information could cost a company loyal customers and financial crisis.
Managing and insuring cyber risk - coverage of insurance policiesIISPEastMids
This document provides an overview of typical cyber insurance policy coverage, including available first party losses coverage for breach costs, business interruption, hacker damage, and cyber extortion. It also discusses third party liability coverage for privacy claims, investigations, and media liability. Common pitfalls are outlined, such as precautions against loss, employee dishonesty exclusions, issues with third party suppliers, and jurisdictional limits. The summary emphasizes that cyber policies can vary and understanding the specific risks to your business and the details of coverage is important, advising the reader to seek advice when purchasing a policy.
This document discusses cyber risks and cyber liability insurance. It summarizes that many major companies have experienced data breaches in recent years. It outlines common cyber risks like computer intrusions, loss of physical devices, and social media issues. It recommends basic loss control techniques and identifies what cyber liability insurance can cover, such as first and third party losses from network security breaches, privacy breaches, and internet media liability. Coverage limits start at $100,000 with premiums as low as $250.
The Unseen Enemy - Protecting the Brand, the Assets and the Customers BDO_Consulting
Michael Barba and Jeff Hall discuss the most pressing cyber-threats facing retailers and what companies can do in the event of a cyber breach, data loss or claim. Mr. Barba is a managing director and Mr. Hall is a senior manager with BDO Consulting.
A presentation on insurance coverage for cyber security given by Victor Ulrich of Arthur J. Gallagher & Co. at the Association of Hospitality Professionals' June 30th, 2017 meeting.
There are a few ways to manage/archive/produce your digital public records, and 2 of them can cause your department to spend needless legal dollars and countless IT man-hours. Join Don DeLoach (Former CIO of City of Tallahassee) and Smarsh as they review the 3 methods, and show you which one drastically reduces the time, effort ,and costs associated with your State and Local Public Records Laws.
In this webinar, Smarsh and Don DeLoach cover:
- 3 ways to manage/archive/respond to digital public records
- Identify the pain points in current records processes
- What to look for in a records management and archiving solution
DATA BREACH & PREVENTION - Hemali RangoliyaNSConclave
How is data loss a threat in the cyber security world, leaving companies with low-risk ratings despite having certain security measurements and certifications at times. What are the major causes and how it can be prevented
https://nsconclave.net-square.com/data-breach-&-prevention.html
White Paper - Nuix Cybersecurity - US LocalizedStuart Clarke
This white paper discusses adopting a "good shepherd model" for cybersecurity to minimize potential damage from data breaches. It recommends knowing where important data is stored, understanding its value, and protecting it accordingly. This involves four activities: 1) defensibly deleting low-value data to reduce investigation scope; 2) locating high-value records and moving them to secure repositories; 3) protecting high-risk private data with encryption and access controls; and 4) applying policies and audits to ensure only authorized users can access important data. Through these efforts, organizations can understand their data worth and reduce opportunities for breaches of important information.
This document provides an overview of various cybercrime topics including common cybercrimes like business email compromise, ransomware, and data breaches. It discusses statistics on internet usage and economic factors related to cybercrime. Examples are given of real data breaches at companies like Equifax and First American Title that resulted from unpatched vulnerabilities. Lessons learned are outlined around the importance of swift patch management, user education, and an organizational approach to information security where technology, policies, and human factors all play a role. Emerging trends mentioned include increased COVID and election related cyber attacks relying on disinformation.
Complacency in the Face of Evolving Cybersecurity Norms is HazardousEthan S. Burger
Complacency in the face of evolving cybersecurity norms is hazardous. Executives and boards are often reluctant to adopt comprehensive cybersecurity policies due to costs and contradictory advice. However, failing to take action increases regulatory and legal risks. Cyberattacks are difficult to defend against and are becoming more sophisticated. Small and medium enterprises are particularly vulnerable targets but may underestimate threats due to limited resources. Government efforts to work with businesses on cybersecurity have been inconsistent, creating uncertainty around compliance. Cyberbreaches can result in significant litigation and liability for companies, especially as legal standards continue developing. Comprehensive and strategic planning is needed to address diverse cyberattack risks.
Cyber liability insurance provides protection against the risks associated with data breaches and loss of personally identifiable information. As property owners and managers collect large amounts of private data on residents, employees, and applicants, the costs of a cyber attack or data breach can be substantial. Cyber liability policies cover expenses like notification of affected individuals, credit monitoring, lawsuits, investigations, and loss of business resulting from attacks. While prevention is important through security measures and policies, the growing threat of cyber crime means companies should evaluate cyber liability insurance as part of their risk management strategy.
This document discusses cybersecurity threats facing businesses and provides tips to improve cybersecurity. It notes that 55% of small-to-medium businesses experienced a ransomware attack in the past year. It recommends taking cybersecurity seriously, being aware of compliance regulations, protecting personally identifiable information, addressing system vulnerabilities, focusing on employee awareness, and monitoring networks. It advocates for working with a managed IT services provider to implement security best practices and adapt quickly to evolving threats.
iStart feature: Protect and serve how safe is your personal data?Hayden McCall
The revelations of the Heartbleed vulnerability in April and the recent implementation of Australia’s new privacy regime in March have put data breaches firmly back in the limelight. Clare Coulson finds out more...
The document discusses data privacy, ownership, and the Internet of Things (IoT). It notes that while companies own data collected and correlations made, users have rights to control their personal data. Laws like GDPR protect personally identifiable information (PII), and breaches can result in costly class actions, clean-up costs, and fines if PII is collected without consent. The document recommends mitigating risks by following privacy- and security-by-design practices and obtaining user consent in privacy policies.
Corporate role in protecting consumers from the risk of identity theftIJCNCJournal
The Internet has made it possible for users to be robbed of their reputation, money and credit worthiness by
the click of a mouse. The impact of identity theft severely limits victims’ ability to participate in commerce,
education and normal societal functions. This paper evaluates resurgence in syndicated cyber attacks,
which includes but not limited to identity theft, corporate espionage and cyber warfare taking advantage of
the Internet as a medium of operations. The paper highlights the increase of cyber related attacks in the
past ten years due to lack of transatlantic international corporation between participating countries,
coherent information security policies, data aggregation and sound international laws to facilitate
prosecution of perpetrators. The cyber space coupled with availability of free hacking tools has contributed
to resurgence in syndicated identity theft, corporate espionage and identity theft by organized crime
elements taking advantage of the Internet as a medium of operations. This paper presents conclusive
solution that users, organizations and consumers can enact to protect themselves from the threat of cyber
attacks culminating into identity theft, financial loss or both.
New York State Department of Financial Services Expands Its Cyber Focus to In...NationalUnderwriter
New York State Department of Financial Services Expands Its Cyber Focus to Insurers by Eric R. Dinallo, Jeremy Feigelson, David A. O’Neil, Jim Pastore, and Jordan R. Friedland
The New York State Department of Financial Services (“DFS”) recently announced a major expansion of its cybersecurity efforts: DFS will require insurers to respond to a special “comprehensive risk assessment” on cybersecurity, with those assessments to be followed by an enhanced focus on cybersecurity as part of DFS’s regular examinations of insurers. DFS’s announcement expands to insurance the increasingly rigorous approach it has recently applied to banks in the area of cyber security. More importantly, it offers critical guidance to all industries about what regulators will consider adequate precautions and preparation in this area.
Cyber-Security: A Shared Responsibility -- November 2013Amy Purcell
This document summarizes a presentation about cyber security and data breaches. It discusses statistics about data breaches in 2012, including that 92% were perpetrated by outsiders and 76% were caused by weak or stolen passwords. It also discusses the costs of data breaches to organizations, noting they averaged $5.4 million in 2012. The document outlines topics like what constitutes a data security breach, why a response plan is needed, how to respond to a breach, and regulatory requirements around notification of breaches.
74 x9019 bea legal slides short form ged12.12.16Glenn E. Davis
Complex cybersecurity issues like data breaches, ransomware attacks, and evolving threats from sophisticated hackers are an ongoing challenge for all industries. The healthcare industry in particular saw over 100 million patient records compromised in 2015. While estimating costs of data breaches is difficult, the average reported cost is around $6.5 million per breach or $217 per compromised record. Proper preparation, compliance, security practices, incident response planning, and legal risk management are needed to deal with these ongoing threats.
This document provides an overview of data privacy for governmental organizations. It discusses what data privacy is, the risks associated with it such as identity theft, and common laws around data privacy including California state laws. It recommends that organizations take an inventory of their data, develop privacy policies and training, and ensure proper system monitoring and controls. The document emphasizes being proactive on data privacy issues.
Presented by The National Underwriter Company, and brought to you by FC&S Legal:
Insurance coverage experts Anjali C. Das and Jerold Oshinsky provide a timely presentation on cyber liability insurance--offering practical tools and guidance on key insurance coverage issues.
Also included: The latest cyber policies—including a discussion of key policy provisions and leading cases that have interpreted the new policies.
Viewers will also find vital information on:
• Examples of the kinds of claims asserted for data breach and privacy
• Coverage under traditional policies: ISO Pre-2001 CGL; ISO Post-2001 CGL
• The evolution of case law for coverage under traditional policies
• Why corporate boards should pay attention to cyber risk, including statistics, D&O Exposure, and D&O Policies
Cyber liability and the growing threat to emergency servicesVFIS
Emergency service organizations are high value targets of cybercriminals due to patient medical records, personal and organizationa information and more.
Data breaches reached record levels in 2014, with over 5,000 incidents compromising an estimated 675 million records. Healthcare organizations experienced the most breaches at 42.5% of the total. Major breaches impacted Sony, J.P. Morgan, Home Depot, and eBay, compromising millions of customer records. The costs of data breaches for US companies averaged $201 per compromised record, with total costs increasing 15% on average. Looking ahead, healthcare breaches and threats to corporate intellectual property and trade secrets are expected to remain significant risks.
This document summarizes cyber risks and data breaches. It discusses the growing threat of cyber crime and costs of data breaches. Mandatory breach disclosure laws have significantly increased costs for US companies, with the average data breach costing $7.2 million compared to $1.9 million in the UK without such laws. Examples of large breaches include Sony, which suffered a breach of 77 million user records costing an estimated $171 million. The document examines risks like hacking, theft, and human error, as well as emerging issues around cloud computing and mobile devices.
2015 cost of data breach study global analysisxband
2015 Cost of Data Breach Study:
Global Analysis
By: Ponemon Institute
Benchmark research sponsored by IBM
Independently conducted by Ponemon Institute LLC
May 2015
Advanced PII / PI data discovery and data protectionUlf Mattsson
We will discuss using Advanced PII/PI Discovery to Find & Inventory All Personal Data at an Enterprise Scale.
Learn about new machine learning & identity intelligence technology.
You will learn how to:
• Identify all PII across structured, unstructured, cloud & Big Data.
• Inventory PII by data subject & residency for GDPR.
• Measure data re-identifiability for pseudonymization.
• Uncover dark or uncatalogued data.
• Fix data quality, visualize PII data relationships
• Apply data protection to discovered sensitive data.
This document discusses the importance of information sharing between the public and private sectors regarding cybersecurity. It argues that collaboration is key to fighting cybercrimes effectively. While private sectors fear sharing information due to liability and regulatory concerns, timely sharing of technical data on threats could help detection and prevention. Developing trust between sectors is important for effective communication. The document also examines incentives that could encourage information sharing, such as legal protections and liability waivers for shared breach information. Overall it promotes greater cooperation between public and private stakeholders in cybersecurity.
American Bar Association guidelines on Cyber Security standardsDavid Sweigert
The document is a resolution from the American Bar Association that encourages organizations to develop and maintain cybersecurity programs to protect their data and systems from threats. It recommends that organizations conduct risk assessments, implement security controls based on the risks identified, develop response plans for cyber attacks, and engage in information sharing about cyber threats. The resolution aims to address the growing cybersecurity threats facing both private and public sector organizations and the nation's critical infrastructure systems.
CBIZ Cyber Security - What Every Business Needs to KnowCBIZ, Inc.
The high cost of data breaches for companies is outlined. In 2015, the average cost of a data breach in the US was $6.5 million, a 10% increase over 2014. Small business cyber attacks nearly doubled from 2011 to 2014. The healthcare and financial services sectors experience the most breaches, with hacking and stolen devices being the most common causes of data loss. Stringent laws and regulations, advances in technology, global outsourcing, and user error all contribute to why companies need cyber liability and security protection.
This document discusses the emerging risks of data security and cyber liability. It notes that virtually every business handles sensitive data and can face risks from data breaches or cyber attacks. The costs of a small data breach involving 1,000 records is estimated at $210,000 on average. It also notes that 40% of small businesses with less than 500 employees have experienced a data breach. Data security and cyber liability risks can result in both first-party losses for a company as well as third-party liabilities.
The document provides a risk assessment of JPMorgan Chase following a 2014 data breach that compromised 83 million customer records. It identifies stakeholders, assets, and six main risks: 1) Inadequate controls allowing external access to data and systems, 2) Lack of customer data monitoring enabling long intrusions, 3) Slow technology adaptation leaving the bank vulnerable, and 4) Inefficient security communication. For each risk, drivers are analyzed and current/planned mitigations are described, such as access controls, third-party oversight, training, and a security-focused culture. The assessment follows the ISO 31000 risk management framework.
Network Security and Privacy Liability - Four Reasons Why You need This Cove...CBIZ, Inc.
This document discusses the need for corporate information protection and cyber liability insurance. It outlines four reasons why businesses need this coverage: 1) Increasingly stringent laws and regulations, 2) Advances in technology, 3) Risks associated with global outsourcing, and 4) User error. Statistically, attackers are often able to compromise organizations within minutes, and most theft or loss of sensitive data occurs within the victim's work area. Cyber liability insurance provides coverage for legal liability, defense costs, expense reimbursement, and helps businesses assess privacy programs and risks.
Cost of Data Breach Study in 2015 - United States - Presented by IBM and Pono...David J Rosenthal
IBM and Ponemon Institute are pleased to present the 2015 Cost of Data Breach Study: United
States, our 10th annual benchmark study on the cost of data breach incidents for companies
located in the United States. The average cost for each lost or stolen record containing sensitive
and confidential information increased from $201 to $217. The total average cost paid by
organizations increased from $5.9 million to $6.5 million.
Ponemon Institute conducted its first
Cost of Data Breach study in the
United States 10 years ago. Since
then, we have expanded the study to
include the United Kingdom,
Germany, France, Australia, India,
Italy, Japan, Brazil, the United Arab
Emirates and Saudi Arabia, and for
the first time, Canada. To date, 445
US organizations have participated in
the benchmarking process since the inception of this research.
This year’s study examines the costs incurred by 62 U.S. companies in 16 industry sectors after
those companies experienced the loss or theft of protected personal data and then had to notify
breach victims as required by various laws. It is important to note the costs presented in this
research are not hypothetical, but are from actual data loss incidents. They are based upon cost
estimates provided by individuals we interviewed over a ten-month period in the companies that
are represented in this research.
The number of breached records per incident this year ranged from 5,655 to 96,550 records. The
average number of breached records was 28,070. By design, we do not include cases involving
more than 100,000 compromised records because they are not indicative of data breaches
incurred by most organizations. Thus, to include them in the study would artificially skew the
results.
This document provides a risk assessment of JPMorgan Chase's 2014 data breach conducted by a team from the University of Washington. It summarizes the breach, in which 83 million customer records were stolen, and evaluates risks to the bank. The team identifies stakeholders, assets, risks, and makes strategic recommendations. Following the ISO 31000 framework, the assessment categorizes risks, assesses key risks, plans controls, and provides advice to senior management on preventing future breaches and protecting customer data.
By David F. Larcker, Peter C. Reiss, and Brian Tayan
Stanford Closer Look Series, November 16, 2017
The board of directors is expected to ensure that management has identified and developed processes to mitigate risks facing the organization, including risks arising from data theft and the loss of information. Unfortunately, recent experience suggests that companies are not doing a sufficient job of securing this data. In this Closer Look, we examine they types of cyberattacks that occur and how companies respond to them.
We ask:
• What steps can the board take to prevent, monitor, and mitigate data theft?
• What data, metrics, and information should board members review to satisfy themselves that management has taken proper steps to minimize cyber risks?
• What qualifications should a board member have in order to constructively contribute to boardroom discussions on cybersecurity?
• How difficult is it to find board candidates with these skills?
This document analyzes data from the Privacy Rights Clearinghouse database on data breach incidents reported from 2005 to 2015. Some key findings include:
- Hacking or malware were behind 25% of breaches, while insider leaks accounted for 12% and unintended disclosures 17.4%.
- Payment card data breaches increased substantially after 2010 likely due to malware targeting point-of-sale systems.
- The healthcare sector experienced the most breaches followed by government and retail. Personally identifiable information and financial data were the most commonly stolen records.
- While credit card and bank account information is frequently dumped online, accounts for services like Uber, PayPal and poker saw increased dumping.
- Organizations must strengthen
Eamonn O Raghallaigh Major Security Issues In E CommerceEamonnORagh
The document discusses major security issues in e-commerce. It states that for any secure e-commerce system to function properly, it must ensure privacy, integrity, authentication, and non-repudiation of exchanged information. Technical attacks like denial of service attacks and non-technical attacks like phishing are challenging for e-commerce providers to defend against. Privacy is now an integral part of any e-commerce strategy, as investments in privacy protection have been shown to increase consumer spending, trust, and loyalty.
Who is the next target and how is big data related ulf mattssonUlf Mattsson
The document discusses data security threats and trends related to big data and recent high-profile data breaches. It notes that targeted malware and data breaches are among the top security pressures according to a 2014 report. The Target breach is discussed in which malware scraped memory on point-of-sale devices to steal payment card data, some of which was sent to servers in Russia. New forms of malware are emerging that use similar memory scraping techniques, posing risks to any organization that processes sensitive data. The cost of cybercrime is growing significantly and attacks are becoming more sophisticated faster than defenses can improve. New approaches to data security focusing on tokenization and analysis of abnormal traffic patterns are discussed as alternatives to traditional approaches like encryption and access controls that
HBR - Zurich - FERMAZ - PRIMO Cyber Risks ReportFERMA
This document summarizes the key findings of a survey on cyber risk conducted by Harvard Business Review Analytic Services and sponsored by Zurich Insurance Group. Some of the main points:
- More than 3/4 of respondents said information security and privacy have become more significant concerns in the past 3 years.
- The top concerns were malware/viruses, administrative errors, data provider incidents, and malicious employee activity.
- Legal liability from data breaches was also a major concern, with costs of litigation and regulatory fines among the top worries.
- While many companies have improved security practices like IT updates and employee training, over 20% said their security budgets were inadequate and awareness has yet to penetrate all levels
Etude PwC/CIO/CSO sur la sécurité de l'information (2014)PwC France
http://bit.ly/Cybersecurite-sept14
Etude mondiale de PwC, CIO et CSO réalisée en ligne du 27 mars 2014 au 25 mai 2014. Les résultats présentés ici sont fondés sur les réponses de plus de 9700 CEO, CFO, CIO, RSSI, les OSC, les vice-présidents et des directeurs de l'information et des pratiques de sécurité de plus de 154 pays.
35 % des répondants sont d'Amérique du Nord, 34 % d'Europe, 14 % d'Asie-Pacifique, 13 % en Amérique du Sud, et 4 % du Moyen-Orient et d’Afrique.
Similar to Cyber liability and public entities infographic (20)
Etude PwC/CIO/CSO sur la sécurité de l'information (2014)
Cyber liability and public entities infographic
1. GlatfelterPublicPractice.com
CREATED BY
SOURCES
1 – 2012 Cost of Cyber Crime Study: Unites States, Sponsored by HP Enterprise Security, Independently Conducted by Ponemon Institute, October 2012
2 – Top Cybersecurity Trends and Risks for 2013 Identified – P&C 360 – Threat Matrix Article 12/20/12
3 – Cyber Risk: A Stealth Threat for Municipalities, 6/15/12 NYSAC, Christine Marciano, Pres Cyber Risk Managers
4 – Cyber Liability and Data Breach Insurance Claims, A Study of Actual Payouts for Covered Data Breaches , NetDiligence 10/2012 for Claims filed in 2011 & 2012
5 – (Identity Theft Resource Center)
VER EXPOSED
PW: *****
SS#
DOB
23 million records were
exposed through more
than 414 reported
security breaches in
2011, a 44% increase.5
70% of breaches were caused by Hackers, Stolen or Lost
Laptops/Devices and Other (unwanted text messages or data
collection from mobile phones/tablets).4
The Growing Threat of Cyber
Liability to Public Entities
IN THE CROSSHAIRS
Government Agencies & Public Entities are high
value targets of cybercriminals due to the large
amounts of confidential information collected
and stored, including personal and financial
information highly sought after for identity
theft and financial fraud. 1 & 3
IT’LL CO$T YOU
2012 average cost per breach rose sharply to $3.7 million - up 35%.4
4
1
SEE YOU IN COURT
Privacy Violation Lawsuits are on
the rise. The courts are being tested
to determine the monetary value of
inappropriately collected, shared or
stored customer information.4
TIME IS MONEY
Cyber attacks can get costly if
not resolved quickly. Results show
a positive relationship between
the time to contain an attack and
organizational cost. 1
“DEAR VALUED CUSTOMER…”
As of February 2012, forty-six
US States have enacted statutes
requiring notification and responses
if certain criteria are met in a data
breach held or maintained by a
private or public entity. 3
46 States
Require Notification
Data
Breach
Legal costs are the largest portion of claims paid
Average cost of defense – $582K
Average cost of settlement – $2.1 million
Information theft and business disruption represent the highest external costs
Information theft – 44%
Disruption to business or lost productivity – 30%
Cyber crime costs small organizations more – they incur a significantly higher
per capita cost than larger organizations1