Data Breach Response Guide - 2017-2018 Editionby Experian | Experian Data Breach Resolution | 11/07/2017
As the number of cyber threats facing organizations continues to grow and regulations become increasingly prescriptive, companies need more than just a generic plan that sits on the shelf. Instead, they need a thorough data breach response plan that is regularly updated and practiced, ensuring effectiveness. Whether it is a few thousand or a few million records compromised, the need for a comprehensive plan remains the same.
According to the Identity Theft Resource Center (ITRC), there were 1,091 reported U.S. data breaches in 2016 across all industries, exposing more than 36 million records. A record-high year, 2016 saw a 40 percent increase from the 780 reported breaches in 2015. This year, as of September 13, there have already been 1,002 data breaches, with more than 163 million exposed records.
“Since we started tracking data breaches in 2005, we have witnessed a steady increase in events year after year. Given the current landscape, it’s no longer a question of ‘if’ your company will be attacked but ‘when.’ Therefore, it’s crucial that every company take the necessary steps to not only train its employees on cybersecurity best practices, but to also have a plan of action in place should it become a victim of such an attack.” – Eva Velasquez, ITRC CEO & President.
In this reality, it goes without saying that the data breach response plan has become a critical component of doing business in the modern era. For companies who have yet to create one – or need a refresh – this guide illustrates how to best create, implement and refine a comprehensive data breach response plan for the security challenges that lie ahead.
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A Q&A with Thom Rickert of Trident Public Risk Solutions
Thom Rickert, vice president, emerging risks specialist for Trident Public Risk Solutions - Argo Group US, has specialized in public entity insurance for 35 years. In light of recent public entity cyber breaches like the ransomware attack we saw in Atlanta in March 2018, Rickert is increasingly concerned about how public entities can control and mitigate cyber risk. In our conversation, he explained why so many of these organizations are vulnerable and what can be done to shore up their security.