Six Data Breach Lessons from the Trenches

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Invest in cyber insurance: Nearly all of the organizations Experian assisted last year had cyber insurance. The number of companies purchasing these policies continues to grow. The 2013 Betterley Report estimates that $1.3 billion in annual premiums were collected by U.S. insurance companies in 2013. Cyber insurance is a good investment, as it can help organizations reduce the cost of a breach. Many times, insurers can help the response go smoother by offering access to data breach experts and providing other valuable services. But as with any investment, IT security professionals should shop around for the best deal and it may be wise to use a broker, instead of an agent who only works for one company.

As the era of Big Data continues to march forward, so does the number of data breaches. Organizations seem to become more vulnerable every day with breaches rising at an alarming rate. In fact, studies, such as "Quantifying the Data Breach Epidemic" from IBM, indicate that companies are attacked an average of 16,856 times per year, and many of those attacks result in a quantifiable data breach.

And with the average breach costing $5.4 million for businesses in the United States, according to the Ponemon Institute, it's important to be prepared. Multiply that by the hundreds, thousands – even millions – of records that are typically compromised in one breach and you begin to realize just how costly a data breach is both on reputation and a company's bottom line.

With this reality facing us, many security experts are convinced that data breaches are inevitable. So if that is the case, what can your organization do to minimize the damage? Based on experience servicing some of the largest breaches to-date, including three of the four largest breaches in 2013, Experian Data Breach Resolution has compiled six important lessons learned from the data breach trenches.

For more guidance on how to prepare for a data breach, you can also download the Experian Data Breach Response Guide, which is available for free.

Michael Bruemmer is vice president with the Experian Data Breach Resolution group. A veteran with more than 25 years in the industry, Bruemmer brings a wealth of knowledge related to sales and operations.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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