I know that this goes back to Week 2, but with all the talk about how organizations (and people) have almost become numb to the idea of being breached, I thought this article was a good indicator of why that is, and how that mindset could not be more wrong. The author uses the Yahoo! hack as its basis, and explains that many corporate leaders think that cyber insurance is all they need to be protected. Director of Global Legal Technology Solutions at Navigant, Donald Good, summed cybersecurity up nicely by saying “There needs to be a balance among the right people, the right technology, and the right processes in place.”
Furthermore, I found it interesting that – according to Juniper Research – the average cost of a data breach will exceed $150M by 2020, and won’t be limited to just business data. The author speculates that financial, health, safety and security information will also be at risk in future breaches. I was particularly intrigued by the quote that “We are rapidly entering the age where free credit reporting as a consumer-facing recovery strategy will do more harm to brands than good.” If that is the case, what recovery options will consumers rely on if / when businesses realize that these tactics are no longer cost-effective?
I particularly liked how the article ended, as it is the basis for what we will all face, regardless of which track we are on – so I will end my summary with it:
“Is the CEO and the board committed to cybersecurity or is it just another line item that will get funded, but without the personal leadership that’s required?”
-Jim Trainor, senior VP for Aon Risk Solutions and former assistant director for the cyber division at the Federal Bureau of Investigation (FBI).