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Cyber Attacks and Liability: An International Threat

Kim Ferenchak May 29, 2013
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' src=The Internet has fundamentally changed the cyber liability landscape in that it is both global and borderless.

 

According to the Verizon 2013 Data Breach Investigation Report, 38% of security breaches hit larger organizations with 20% involving the manufacturing and transportation industries. The report cited that most breaches involve “stolen credentials, backdoors and brute attacks.” They also noted that once breached, the majority are not detected for several months.

 

Recently, there was a security breach by a Turkish Ajan hacking group against the City of Akron. The Akron Beacon Journal reported that names, addresses and social security numbers of approximately 35,000 tax filers was compromised.

In addition, according to the CSI Computer Crime and Security Survey 2010/2011 conducted by the Computer Security Institute, 45% of businesses reported being the subject of at least one targeted cyber attack.

Cyber liability threats have become a boardroom top-10 emerging risk facing all industries, driving companies toward insurance products and a variety of legal and security professionals who help the business protect its critical data.

To learn more about Cyber Liability and how to help your business minimize its exposure, contact me for a free consultation.

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