Cyber liability and the growing threat to emergency services
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Emergency service organizations are high value targets of cybercriminals due to patient medical records, personal and organizationa information and more.
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Cyber liability and the growing threat to emergency services
- 1. IN THE CROSSHAIRS Emergency Service Organizations are high value targets of cybercriminals due to the large amounts of confidential information collected and stored, including patient medical records, personal and organization information, and sensitive corporate information highly sought after for identity theft and financial fraud.1 & 2 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 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 Is a Growing Threat to Emergency Service Organizations EMERGENCY ALERT www.VFIS.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