Tag Archives: Data breach

Data Breach Costs Rise to $4 Million Globally, $7 Million in the U.S.

According to the Ponemon Institute 2016 Cost of Data Breach Study (sponsored by IBM), the total cost a company should expect to spend in response to a data breach has once again increased both globally and in the United States. The average cost paid for each lost or stolen record containing sensitive and confidential information … Continue Reading

Is Your Company Complying with the SEC’s Safeguards Rule?

The Securities and Exchange Commission (“SEC”) last week announced that Morgan Stanley Smith Barney LLC (“MSSB”) had agreed to pay a $1 million penalty to settle charges related to its failure to protect private customer information, some of which was hacked and actually offered for illegal sale online. The action involved MSSB’s violation of the … Continue Reading

Another Day, Another Cyberattack: Premera Blue Cross Announces Large Data Breach

It has happened again…this time to Premera Blue Cross (Premera).  On March 17, Premera announced that it was the target of a “sophisticated cyberattack” where unauthorized users gained access to Premera’s IT systems and potentially the data of 11 million individuals.  The initial attack is reported to have occurred on May 5, 2014 and was … Continue Reading

Putting a plan into place to protect your company — Part 3

If this bubble graph, produced by Information is Beautiful, says anything, it’s that the risk and occurrences of data breaches shows no signs of slowing down. Even the largest, most respected companies have fallen victim to hackers. Already in 2015, the country’s second-largest health insurer, Anthem, experienced a breach of about 80 million of its … Continue Reading

Were you affected by the Anthem breach? Answers to these questions may help

It’s being called “a very sophisticated external cyber-attack.” With the theft of 80 million of its customers’ and employees’ records, Anthem Health Insurance has suffered one of—if not the—largest data breach in our nation’s history. Reports suggest the cost of the attack may exceed $100 million. After sophisticated hackers broke into the company’s database, likely … Continue Reading

Despite reported drop in breaches — threat is greater than ever

Earlier this month, IBM released a report indicating cyber-attacks during the 2014 holiday shopping season were down dramatically. Headlines like “Number of cyber-attacks on retailers drop by half” and “IBM: Cyber Attacks, Victims Drop in 2014” on Jan. 5, when IBM released its report, offer hope — giving the impression that we may have turned … Continue Reading

Counseling your board of directors and officers on cybersecurity risks

Data security is a business issue that goes beyond the IT department. Join Quarles & Brady for an overview of breach-response preparation and response imperatives. The event will be from 8:30 to 10 a.m. CT Jan. 22 at the firm’s Chicago office and the discussion will particularly target in-house counsel, compliance officers, chief audit executives … Continue Reading

Holiday season underscores the growing concern of data security

Ahh, the holidays! A time for giving, a time for sharing, a time for family and a time to worry about data security. While every company is at risk of experiencing a data breach, retailers in particular are in the line of fire. During the holidays, retailers—both online and brick-and-mortar—are busier than any other time … Continue Reading

Republican majority may mean the passage of privacy legislation

After the results were in for the much-anticipated election on Nov. 4, we learned that Republicans gained majority control over the U.S. Senate and maintained their majority control in the U.S. House of Representatives. This shift in party control could spell the end to the gridlock that Congress has been recently experiencing for various types … Continue Reading

Chart serves as a reminder: It can happen to you

Big data breaches are on the rise. That’s not news. For the past several years, headlines have been dominated with company after company suffering from some sort of cyber-security attack. A recent chart, however, puts the frequency of these breaches into perspective—and also underscores the fact that small, unknown companies are just as vulnerable as … Continue Reading

Companies must be proactive and try to prevent data breaches

The rampant problem of hackers targeting companies to steal valuable, confidential data is only getting worse. As the headlines indicate, the list of companies affected by these breaches seems endless. Although it often appears as if retailers are the hackers’ main targets, the reality is that all organizations are at risk. Companies that once thought … Continue Reading

High value of personal data attracts more sophisticated hackers

Since the beginning of 2014, the press has released almost daily news of companies that have experienced significant data breaches. Although retail companies tend to garner the most press, retailers aren’t the only targets. Other companies, such as social media sites, are falling victim as well. In those cases, hackers have successfully obtained thousands of … Continue Reading

Things that go bump in the night – and who’s regulating them

Data security, and the threat of catastrophic breaches, is rising up the list of things that keep in-house counsel awake at night. But unlike other things that go bump in the night, this threat is really out there—and it can be frightening, particularly for companies that aren’t prepared. Fast Company reported that nearly half of … Continue Reading
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