The data breach at major retailer Target that cost $162 million in the past two years and affected 70 million customers in the U.S. may total up to $1 billion in damages when the smoke clears. These expenses were due in part by insurance receivables along with the cost of the pending class action lawsuits. For more details on this topic, please click here:: Target Breach Costs Could Total $1Bn
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2014: One of the Weakest Years of Cybersecurity Ever
2014 will go down in history as one of the worst years of cybersecurity ever. The breaches at Target, Home Depot, and Bebe Stores have compromised the credit info for millions of consumers. U.S. Congress got fed up over the prolonged response to a data breach in the United States Postal Service. Then we top the year off with the ever-revealing Sony Pictures hack. Why is it that cybersecurity innovations and solutions are being created daily, but we’ve had some of the worst breaches ever this year?
Well, it all comes down to human error. The majority of these breaches didn’t regularly update or upgrade their cybersecurity and neglected it, making it ripe for the picking. There’s also the fact that many of the companies don’t encrypt or regularly change their passwords, which can allow others access to their networks. Bottom line isn’t that technology needs to get better: we need to be better with technology. For more on cybersecurity in 2014, please click here:: Did computer security get better or worse in 2014? Have your say…
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Banks Hitting the Target with Breach Suits
A ruling in a Minnesota District Court related to the data breach at Target department stores has given banks the right to pursue damages. Judge Paul A. Magnuson ruled that Target displayed negligence by ignoring and in some cases turning off security features that could have prevent the breach. For more info on this story, click here:: Banks Get Green Light in Target Breach Suits
Over ¾ of Companies Don’t Update Data Breach Response Plans Annually
A recent study has shown that the majority of businesses and companies don’t have plans in place to regularly update their cybersecurity despite a year of very public data breaches. Only 22% of businesses and companies review and update their data breach response plans at least once per year. The remaining percentage either has no set time period for updating their plans or haven’t reviewed or updated their data breach response plans since they were put into place!
With all the attention on the data breaches at Home Depot, Target, and other big box stores along with the reports of health care data being compromised at hospitals, that these companies would take notice and improve. As a consumer, now you must do what you can to protect your data since these companies are in a state of catch-up. You can certainly do your part by staying alert of potential identity theft threats along with writing emails to the corporate offices of the stores you shop at to air your concerns. For more information on this troubling trend, click here:: The persistent threat of data breaches
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Why IT Teams Appreciate Data Breach Coverage
While many companies and businesses don’t like the negative attention of data breaches, their IT teams welcome it. Many of them believe that the bad press forces their employers to listen and cater to their needs so that the company doesn’t fall prey to the data troubles companies like Home Depot and Target have gone through. For more on what IT teams are thankful for, click here:: 10 Ways Security Gurus Give Thanks