Articles Tagged with ''data breach costs''

A driver from the ride-hailing service is suing the company for not doing enough to prevent the 2014 data breach and then not informing impacted employees sooner.

 Frankly, it’s costing U.S. businesses more than other nations’ enterprises worldwide, according to data collected in the 2014 Cost of Cyber Crime Study: United Statesfrom the Ponemon Institute and HP Enterprise Security. The mean cost of cyber crime for a company in the U.S. last year was $12.7 million per year; other countries’ enterprises mean costs ranged from Germany’s $8.13 million to Russia’s mere $3.33 million. The study observes a $1.1 million (or 9.3 percent) increase in cyber crime costs for the U.S. from last year’s report.  

The rate of CFOs citing cyber attacks as a key concern has risen sharply over the survey’s four-year history, directly correlating to both the frequency and cost of cyber attacks.

Twenty-eight percent of respondents say their CISO has made cybersecurity decisions that have led to negative effects on the enterprise’s financial health, including lost business, decreased productivity or impaired service levels.

Tool users, including information-security, risk, financial and other senior executives, can input a range of expenses and estimated costs for either a specific scenario or actual breach, and the app, sponsored by Booz Allen Hamilton, would generate a comprehensive report explaining the total cost and enabling a cost-benefit analysis of security strategies.

An engaged leadership team already understands the greater domain awareness provided by converged surveillance systems, but how about the next step toward robust risk management: cybersecurity and cyberspecific insurance?