2013 Data Privacy, Information Security and Cyber Insurance Trends Report

PR Web

Princeton, New Jersey (PRWEB) January 28, 2013

To help show support of Data Privacy Day 2013 and the importance of “Data Privacy and Security risks,” Cyber Data Risk Managers chose to release its 2nd Annual Data Privacy, Information Security and Cyber Insurance Trends report on Data Privacy Day 2013. This exclusive report offers an impressive lineup of recognizable industry experts that offer their insightful views of the 2013 Data Privacy, Information Security and Cyber Insurance landscape relevant to businesses and organizations of all sizes and sectors.

Authors and contributors to this exclusive "2013 Data Privacy, Information Security and Cyber Insurance Trends" report include:

James Crowther – Financial Lines Senior Underwriter, DUAL Australia Pty Ltd

Darek Dabbs – CIO, Sera-Brynn

Shaun Dakin – Founder, Privacy Camp / CEO, Dakin & Associates

Anthony M. Freed – Freelance Information Security Journalist

Rebecca Herold – CISM, CISSP, CISA, CIPP, FLMI, Rebecca Herold & Associates, LLC aka The Privacy Professor

Rick Kam – CIPP/US, President and Co-Founder, ID Experts

Charles Kellenbach – General Counsel and Chief Legal Officer, Heartland Payment Systems

Christine Marciano – President, Cyber Data Risk Managers

Aaron I. Messing - Information Privacy Attorney, OlenderFeldman LLP

Erwann Michel-Kerjan - Managing Director, Risk Management and Decision Processes Center, Operations and Information Management Department, Wharton School of Business

Matthew Negus –Associate, Promontory Financial Group LLC

William Oravecz – Healthcare Informatics & Management Consultant and Managing Partner and Chief Consultant at WTO Associates LLC, New Haven, CT

Dr. Larry Ponemon</person> – Chairman and Founder, Ponemon Institute

Richard Santalesa – CIPP/US, Senior Counsel, InfoLawGroup LLP

Hilary Schneider – President, LifeLock

Bruce Schneier – Security Guru, Internationally Renowned Security Technologist and Author

Jody Westby – CEO and Founder, Global Cyber Risk LLC

Inroduction:

Beyond embarrassment, today the private and public sectors face financial and reputational damage, competitive inroads, and significant regulatory sanctions when confidential information is inadequately protected. Clearly enough reasons as to why cyber security must be prioritized regardless of what sector one conducts their organization.

As our nation has become heavily reliant on the internet, organizations, public and government agencies and businesses of all sizes continue to struggle with cyber security due to the continuous force and increasingly sophisticated cyber threats that have become the new norm. Intrusion prevention suppliers reveal privately that their systems are unable to keep up with the sophistication of attacks, and anti-virus companies report that attackers are reverse-engineering the vendors’ antivirus software and building new viruses so sophisticated that the tools cannot stop them. At the time this report was published, it was reported that the hacktivist group, Anonymous had taken over the website of the U.S. Justice Department’s Sentencing Commission and threatened to release sensitive government data and use computer-code based “warheads” against other sites. Simultaneously, U.S. financial institutions are being pounded with high-powered cyber attacks that some suspect are being orchestrated by Iran.

Besides the weekly round, or of late what seems to be becoming more of a daily occurrence of cyber attacks just as much continues to happen offline as well. “Unencrypted” mobile devices continue to get lost which in turn increases the number of data breaches that we all read about in the media headlines on what seems like a weekly basis.

Inadequate security measures on government and private sector networks, critical infrastructure and telecommunications represent perhaps the most potent national security and economic risks facing the nation. There also seems to be a disconnect and an element of collaboration missing between the Federal Government and the private sector as it pertains to cyber security. Teamwork is essential to getting things done. In todays global and digital 24/7 world, challenges are more complex; it's becoming increasingly important to bring more, diverse minds to the table and to break down silos.

We all know that life offers no guarantees and that “when one door closes, another one opens.” This holds true for cyber security, especially with today’s evolving threat environment and the force of attacks that continue to knock on the doors of countless networks.

Enter “cyber insurance.” While cyber insurance cannot stop incidents or prevent them from happening, it can help respond to incidents when they do happen. When a security incident or a data breach happens, most cyber insurance policies have a team of experts already in place to help determine how your incident happened, whether or not any sensitive (PII) Personally Identifiable Information or (PHI) Personal Health Information has been exposed and helps determine if the security breach needs to be reported. Cyber insurance offers the private and public sector the ability to mitigate the residual risk, losses and associated costs of a security incident and/or data breach. Cyber insurance protects against the liability that comes from compensating others because cyber security has failed.

Cyber insurance, aka “privacy and security” insurance continues to evolve as many more businesses, organizations and risk managers are realizing that it can be used as a way to respond to a data breach and/or security incident and as a key component of an incident response plan.

While cyber insurance has been around for 10+ years, it is only within the last few years that more policies have come to market. It remains a specialized product, which should naturally require working with a specialist. Would you ask your General Medical Doctor for specialized advice on a health threat he does not follow or practice? Of course not This same theory applies to cyber insurance. A cyber insurance specialist understands the evolving cyber risks and threats that private and public sectors face and can help customize a cyber insurance policy based on what coverages may or may not be needed. With over 30+ cyber insurance carriers today offering non-standard policies, a broker specializing in cyber insurance can help make what’s been stated as a difficult process become an easier and informative process.

Download "2013 Data Privacy, Information Security and Cyber Insurance Trends" report now to read this exclusive report in its entirety.

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