See, now this is exactly what I was just talking about last time. You know, that recent string of data breaches perpetrated against major retailers like Target and Neiman Marcus. With this recent survey, retailers better hope that the issue of notification laws regarding data breaches gets resolved soon, and that stronger standards are put in place, because consumers are understandably a bit out of sorts about the theft of their personal information. According to the survey, conducted by data science company Feedzai of 2,000 shoppers across the country, 60% attribute responsibility squarely at these retailers. The runner up: banks, garnering 13% of the vote. And a mere 5% of participants believed it is the duty of the consumer him/herself to prevent their personal information from being compromised. 80%, by the way, said the experience is worse than getting the flu – As I have never suffered the flu, I will have to take them at their word.
Thursday, June 5, 2014
In Light of Breaches, Mandatory Cyber Liability Insurance?
Should companies be mandated to have cyber liability insurance? 65% of publicly traded companies currently don’t have any such policy, according to a recent survey by Chubb Group of Insurance Companies. In many cases, this is due to a simple lack of awareness: CEOs just do not know that this type of insurance is available. Perhaps they often assume their business’ general liability coverage accounts for and protects them from any incidents of data breach and theft. Generally, it doesn’t. Cost can be another factor, with higher premiums for those companies deemed “higher-risk” by financial institutions.
Switching to Chip Cards - Maximum Protection?
Compared to much of the world, our credit card security kind of sucks. The magnetic stripes on cards that are using to hold customer data are easily duplicated, and the signatures required can be forged with little effort, which causes all sorts of temperamental afflictions to both banks and retailers alike (and of course, consumers).
Which is more important, compliance or security?
Which is more important, compliance or security? Which comes first, or should come first, in a company’s considerations?
Security would seem to be the obvious, as well as the predominant answer. It’s what you use to encrypt and protect your data, after all. It’s as straightforward as that, and should be a major, if not the predominant, consideration in a company’s risk analyses and strategies.
Increasing Encryption Deployment and the Federal Wall of Shame
Oftentimes—actually, most of the time—I write articles about some sordid data breach or other; a hack, a theft, a massive intrusion, many of which likely could have been prevented by encrypting people’s sensitive data. So when I finally stumble upon a storyabout the use of encryption continuing to grow as more and more companies need to address consumer concerns, that makes me happy. Well, maybe happy is too strong a word…’Reasonably satisfied’, maybe.
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