An exclusive 2013 report funded and released by the Cyber Data Risk Managers group offers the opinions of top industry regarding experts on what they think, feel and should happen in 2013 as it pertains to Data Privacy, Information Security and Cyber Insurance, as well as, what steps can be taken to mitigate risk(s) surrounding these cyber security related potential threats.
A short summary of some of those observations and trends reported are:
- 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;
- In 2013, we can expect to see many businesses close their doors due to the crippling costs of fines, litigation, and remediation associated with successful Cyber Attacks;
- 2013 will see a drastic increase in not only breaches occurring within business associates and other types of business partners, but also the sanctions for the organization that did the outsourcing will increase, and the contracted entities are going to start receiving sanctions as well;
- Looking ahead to 2013, organizations should also update their policies and procedures to include mobile devices and cloud, since these issues will pose high risk areas for data;
- Businesses should expect more notable data breaches, more class-action lawsuits, and federal legislation concerning data breach obligations in 2013;
- The status quo for cloud Service Level Agreements can’t continue in 2013;
- Healthcare providers such as hospitals and clinics will continue to be late adopters when it comes to investments in data protection and information security;
- More focus will be placed on security infrastructure and process improvements by healthcare providers than on data protection and information security;
- Cyber risk and data breach insurance should not be used as a substitute for investing in risk management; and
- The number of attacks against small and big brand is going to continue to increase; attacks on some of your key suppliers or customers can be very damaging to your bottom line too so establishing collaborative ways to mitigate risks is critical.
Click here to read this full report.