News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
GET RECOGNIZED
Let an ISACA® certification elevate your career.
Register today and save
You are here: Home / Network Security / Are Your Enterprise Assets at Risk?
DDoS Protection Powered By Verisign
Are You Taking a Gamble with Enterprise Assets at Risk?
Are You Taking a Gamble with Enterprise Assets at Risk?
By David Turkaleski / NewsFactor Network Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
MAY
09
2014


Could an employee’s lost laptop cost a company $5.4 million? It could if the employee has access to sensitive customer data, hasn’t taken proper security precautions, and the company hasn’t shielded itself with a proper cyber-liability protection policy.

It’s far simpler to replace a misplaced or stolen computer than it is to investigate and seal a data breach, notify thousands of customers that they are potential victims (as required by law in most states) and, in the worst-case scenario, pay damages, legal fees and PR management costs as a result of a class action or other litigation.

Persistent Threats

However, executives by and large seem slow to recognize cybercrime as a growing international problem, with U.S.-based companies the primary target of foreign-based hackers. Energy companies, in particular face an increasingly sustained threat, according to authorities here. In fact, the National Institute of Standards and Technology in February released a framework to help targeted companies avoid what Leon Panetta, the former defense secretary, once called a 'cyber Pearl Harbor.'

According to some recent estimates, ongoing cybercrime against top U.S.-based companies costs our economy more than $300 billion each year. And the cost of a typical data breach of a public company’s systems could average as high as $5.4 million, according to the Ponemon Institute, which conducts independent research on privacy, data protection and information security policy.

For small-to-midsize businesses, the average cost per breach may be smaller -- roughly $188,242 -- according to specialist insurer Hiscox, but the complete toll can be higher. Two thirds of such companies close their doors within six months of a cyber breach. Without protection, they don’t have the same resources as a major corporation to withstand the damage.

And small companies that think they are below the radar of hackers should know that attacks on businesses with fewer than 100 employees amounted to 31 percent of breaches in 2013, according to a study by insurance underwriter Chubb. Hackers know that compromising a vendor’s server can yield access to much larger connected companies and their customers’ data.

Weak data security can be costly in another way, too. A convicted former hacker has just announced that he’s launching a hedge fund that will short-sell stock of companies his fund managers deem vulnerable to cyber-attacks. Such companies would then have to cope not only with damage control from breaches (and a potential rise in attacks from grateful hackers) but also with a setback in raising capital. Data security is now paramount to a health bottom line and companies who want to be seen as fit to successfully conduct business, ignore it at their peril. (continued...)

1  |  2  |  3  |  Next Page >

Tell Us What You Think
Comment:

Name:

Like Us on FacebookFollow Us on Twitter
TOP STORIES NOW
MAY BE OF INTEREST
Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.
MORE IN NETWORK SECURITY
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Dairy Queen Latest Retailer To Report Hack
Dairy Queen is known for its hot fries and sweet treats, but it just made cyber history as the latest victim of a hack attack. The fast food chain said that customer data at some stores may be at risk.
 
Lessons from the JPMorgan Chase Cyberattack
JPMorgan Chase is investigating a likely cyberattack. The banking giant is cooperating with law enforcement, including the FBI, to understand what data hackers may have obtained.
 
Who Is the Hacker Group Lizard Squad?
Are they dangerous or just obnoxious? That’s what many are wondering about the hacker group Lizard Squad, which tweeted out a bomb threat that grounded a flight with a Sony exec aboard.
 

Enterprise Hardware Spotlight
HP Previews ProLiant Gen9 Servers
Because traditional data center and server architectures are “constraints” on businesses, HP is releasing new servers aimed at faster, simpler and more cost-effective delivery of computing services.
 
Apple Set To Release Largest iPad Ever
Tech giant Apple seems to have adopted the mantra “go big or go home.” The company is planning to introduce its largest iPad ever: a 12.9-inch behemoth that will dwarf its largest existing models.
 
Alert: HP Recalls 5 Million Notebook AC Power Cords
HP is recalling about 5.6 million notebook computer AC power cords in the U.S. and another 446,700 in Canada because of possible overheating, which can pose a fire and burn hazard.
 

Mobile Technology Spotlight
Apple Sets Sept. 9 Event: iPhone 6, iWatch on Tap?
Save the date. Apple formally announced that its long-anticipated “special event," will take place on September 9. Does the tech giant have the iPhone 6, and the iWatch up its sleeve?
 
Samsung's New Smart Watch Makes Calls Without Phone
Following up on the Gear 2, Samsung has unveiled a new 3G smart watch, the Gear S, that stands out in its ability to make phone calls and send text messages without a smartphone.
 
Apple Set To Release Largest iPad Ever
Tech giant Apple seems to have adopted the mantra “go big or go home.” The company is planning to introduce its largest iPad ever: a 12.9-inch behemoth that will dwarf its largest existing models.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | CRM Systems | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.