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24By7Security, Inc.

Biweekly Cybersecurity Newsletter - Aug 3rd, 2016

Researchers Struggle to Determine True Cost of Data Breaches

Determining the cost of a breach still is an unsettled science. Most often, analysts look at a limited set of costs, such as investigating the breach, notifying customers, offering protection services, complying with regulations, public relations, attorneys' fees and cyber-security improvements. But the damages caused by incidents go beyond the commonly cited figures. Companies often have focused on the costs that are put onto the balance sheet, but increasingly they are realizing that a large number of soft costs should be included in the damages from a breach. What are those?


8 In 10 Cyber Security Executives Admit Their Cos. Have Been Breached

Cyber-attacks are affecting nearly every single company, but those attacks do not drive enough proactive business action as evidenced by the rate of investment made in information security. Companies are still taking a passive or reactive approach toward cybersecurity, when in fact cyber should be a top-line business issue thought about and practiced company-wide. Why companies are not proactive when it comes to investment in information security?

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Defining ransomware and data breach disclosure

Following a number of high-profile ransomware attacks on hospitals, the issue of whether ransomware attacks are reportable under HIPAA has been raised. So far attacks on hospitals, have not been added to the HHS breach portal and are unlikely to appear. The healthcare organizations that have announced they have been hit with ransomware infections claim that while files were encrypted, patient data were unaffected. Malware attacks that result in hackers gaining access to PHI must be reported, but with ransomware the situation is less clear. So the questions that need to be answered are:

  • Can the organization prove that the data was not accessed?
  • Do they have the technical controls in place to “see” if the data was accessed or transferred outside of the network?
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Why do breaches slip through the cracks?

More than half of the data breaches on hundreds of enterprise systems go undetected and are caused by general negligence and lax security. The reason for this, according to the study, is that firstly, and perhaps most obviously, criminals do not want to be discovered. They have great financial incentive to retain access to corporate systems for as long as possible and will go to great lengths to ensure their activities remain under the radar. Secondly, and perhaps most importantly, organizations simply are not watching. There is an increased need to understand where critical information is 100 percent of the time, who has access and how.

  • So what are companies doing today to mitigate this risk and why isn’t it working? 
  • How can we improve?
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Upcoming Events!

Health Information Technology Committee and Safety and Security Committee Meeting - Sept 22, 2016

24By7Security Sponsoring & Founder Sanjay Deo Speaking at FBI Headquarters Miramar, FL

More Information....

5th Annual ITPalooza South Florida - Dec 8, 2016

24By7Security Sponsoring & Founder Sanjay Deo Speaking at  Signature Grand, Fort Lauderdale...

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About us

24By7Security, Inc. is a full service Cybersecurity strategy, implementation, operations and training firm.  We provide Cybersecurity and compliance related services across all functions of the enterprise. Our services include CFPB/DFA, FIPA, FERPA, GLBA, HIPAA, PCI, SOX, and others.

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24By7Security, Inc.

4613, N. University Drive, Suite #267

Coral Springs, Fl - 33067

(844) 55-CYBER