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Amidst the past week’s breach reports, The New York Times reports on the increase in demand for cyberinsurance policies—up 21 percent from 2012 to 2013. Breaches like the recent one that hit eBay “have become a reality of the business world,” the report states. However, “companies say it is difficult to get as much coverage as they need, leaving them vulnerable to uncertain losses,” the report states, citing the struggle to quantify losses from “intangible” damages such as loss of brand reputation or sales and for underwriters to find “data they need to figure out how likely it is that an attack will occur, or what it will cost … because most breaches go unnoticed or are never publicly reported.” Meanwhile, Reuters reports cybersecurity experts believe “companies are unlikely to be able to stop their systems being breached. The best defense may simply be either to reduce the data they hold or encrypt it so well that if stolen it will remain useless.” And Business Insurance reports when a major breach occurs, businesses “should be prepared for directors and officers liability-related litigation that is certain to follow.” (Registration may be required to access this report.)
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