Why Your Business Requires Security

The States and Federal Identity Theft and Privacy Protection Laws now require businesses, agencies and organizations of all sizes to protect all personal information they store, and report to all their customers whenever a breach occurs. The financial ramifications after having a data breach can be very substantial to both present and future business. In some many cases a company never does recover from a breach and is forced to close down. Currently, the average cost on a company is $3.7M per incident.

Archive for Security Stats

(NOTE from the IDProtectionExpert: Here is an article that I wanted to share. The teenage hacker is alive and well.)

Ramat Gan, Israel, April 14, 2010: Tufin Technologies, the leading provider of Security Lifecycle Management Solutions, today announced survey results that reveal the hacking habits of 1000 New York City teenagers. Exactly half (50%) of US kids sampled revealed they’d had their Facebook or email account hacked, which may explain why 75% feel hacking is wrong and 70% think it should be considered a criminal offense. However, 39% of the teens surveyed think hacking is “cool” and 16%, or roughly one in six, admitted to trying their hand at it. Only 15% of the entire sample has either been caught or knows someone who has – particularly disturbing considering 7% of young hackers reported they did so for money and 6% view it as a viable career path. Read More→

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Feb
10

Businesses Pay Higher Data-Breach Costs

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The Ponemon Institute recently released their 2008 study on the total costs a business pays for a data breach. After interviewing 43 companies the 2008 cost rose 2.5% to $6.6 million per breach or $202 per record compromised over 2007 costs.

Due to state regulations, businesses must notify customers, employees and vendors that their confidential personal data has been lost, stolen or compromised. The costs reported by the Ponemon Institute are incurred no matter if the records were actually used in committing identity fraud. Read More→

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Jan
29

IP Theft is on the Rise

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Much has been made on the cost of identity theft on companies, and rightfully so. But what are the costs on a company if their intellectual property (IP) is stolen. In a study performed by Purdue’s Krannert School of Management (funded by McAfee, security software firm) in 2008 the lost or stolen intellectual property cost about $4.6 million per company.

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Jan
21

2008 Data Breach Analysis – By Industry

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When reviewing the 2008 Privacy Rights Clearinghouse’s data breach statistics we also broke down the attacks by the industry: Business, Education, Government and Medical. Within each of these industry we also analysed the number of reported breaches, number of potential victims reported and the number of breaches where the number of victims were unknown: Read More→

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Jan
12

2008 Data Breach Analysis – By Attack

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When reviewing the 2008 Privacy Rights Clearinghouse’s data breach statistics we broke down the type of attack into five categories: Dishonest Insider, Hacker, Lost/Stolen Computer Equipment, Improper Storage/Disposal of Documents and Dumb Exposure. While the first four are fairly selfexplanatory, Dumb Exposure is when someone posted information they should not have, sent a file to a wrong person, didn’t seal the envelopes prior to mailing, etc. Read More→

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