Security Breach: 10 Industries Impacted

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Security Breach: 10 Industries Impacted"

Transcription

1 April April 2013 Security Breach: 10 Industries Impacted By David Yang Digital information and web-based business are driving demand for increased cyber security. IBISWorld identifies industries that will play a role and those that will be affected. Failure to protect sensitive data can result in millions of dollars in damages Cyber attacks can threaten critical national infrastructure like power grids and air traffic-control systems. As online services and transactions rise in popularity, businesses and consumers are also growing increasingly concerned about effective cyber security. During 2012, there were multiple high-profile security breaches. In fact, the Identity Theft Resource Center reported 189 incidents in only the first half of the year. In June, hackers stole more than 6.5 million LinkedIn user passwords. And in mid-july, 450,000 usernames and passwords were stolen from Yahoo s databases. Also in 2012, the Federal Trade Commission (FTC) sued Wyndham Hotels for repeatedly failing to protect consumer data. According to the FTC, Wyndham failed to use cyber security best practices, such as encrypted passwords and credit card data, resulting in as much as $10.6 million in fraudulent credit card charges. In the 2013 State of the Union Address, President Obama directly addressed the threat of cyber attacks and has signed an executive order to improve security practices. Under the order, the Department of Homeland Security will create a Cybersecurity Framework (with an expected release in October), and companies will be encouraged to adopt these cyber security standards as they are developed. Over the next five years, 10 industries are anticipated to play a greater role in and increasingly depend on cyber security, including Virtual Data Rooms, Online Insurance Brokers and Financial Data Service Providers. These industries form a growing part of the US economy, according to IBISWorld estimates, together totaling an estimated $207.1 billion in revenue in In fact, if these industries represented a country, it would have the 46th-largest economy in the world, ranking just above Algeria and below Portugal. In the five years to 2018, these industries are forecast to grow at a combined annualized rate of 7.7% to $285.9 billion, compared to projected average annual GDP growth of 3.3%. The 10 industries are also highly profitable, with an average total profit margin of 17.5%. Strong growth and high profitability will make these industries attractive targets for investors. Still, the implementation of effective cyber security procedures will be critical to the success of these industries over the next five years. Failure to effectively protect

2 April sensitive data can result in millions of dollars in damages, which can potentially shatter business and consumer confidence in these industries. Cyber security is a growing issue plaguing many companies. Without effective cyber security, incidences like that at Wyndham Hotel can happen to any other business, resulting in significant financial losses. In these 10 industries, IBISWorld has identified industries that need effective cyber security practices and others that provide services related to cyber security. Industries such as Online Payment Processing Software Developers manage customers sensitive data, so security is essential. Other industries, such as IT Security Consulting, will be needed to help protect websites and databases from unwanted intruders. Online payment software developers This industry provides software that enables merchants to authorize, settle and management credit card transactions online. Typically, consumers can link their credit card information to payment systems like ebay s PayPal and Google Wallet, allowing them to make internet purchases. The explosion of smartphones and mobile computing power has driven industry growth over the past five years. These technologies combined with others, like near field communication technology for example, allow consumers to pay for transactions in the store via radio communications. And the barcode-like images of quickresponse codes allow customers to access store payment information. Continuing strong growth from the past five years, this industry is anticipated to expand rapidly over the next five years, growing at an annualized rate of 17.2% to $33.7 billion in Because industry services are automated and require minimal labor costs, the Online Payment Processing Software Developers industry has high profit margins. Currently, profit is estimated to account for 19.9% of industry revenue, a share that is forecast to improve over the next five years as industry operators continue to grow their economies of scale and improve operating efficiency. The industry s high and expanding profit is making this Industry performance Industry Annual Growth (%) 2013 Revenue ($m) Profit Margin (%) Online Payment Processing Software Developers , Virtual Data Rooms Online Insurance Brokers , IT Security Consulting 6.8 5, Operating Systems and Productivity Software Publishing , Identity Theft Protection Services 4.9 3, Financial Data Service Providers 4.7 6, Online Mortgage Brokers , Database, Storage and Backup Software Publishing , Data Processing and Hosting Service , Total , SOURCE:

3 April industry more attractive to investors. Effective security measures, such as encrypted financial information or two-step verification that involves identification through a password and a verification code sent by , will play an import role in securing information and be critical for this industry over the next five years. Consumers and businesses can suffer heavy losses if their financial information is not properly secured, and industry operators would then be responsible for compensating customers for their losses and possible litigation from customers, which would pressure industry profitability and make this industry less attractive to investors. Repeated cyber security breaches could then cause consumer and investor confidence for industry services to wane, making industry growth volatile. Online insurance and mortgage brokers In the five years to 2018, revenue for online insurance brokers is forecast to increase at an annualized rate of 12.9% to $19.2 billion, while revenue for online mortgage brokers grows 4.7% per year on average to $10.1 billion. Like the aforementioned online industry, these industries are expanding and have relatively strong profit margins at 11.0% and 4.2%. Similar to online payment software developers, online insurance and mortgage brokers will also require comprehensive cyber security practices over the next five years. The two industries provide insurance and mortgage brokerage and management services online, which require them to store critical consumer information, such as social security numbers, addresses and other personal information. Without effective security practices, consumers can potentially lose insurance coverage, retirement financial assets or even their homes as a result of security breaches regarding mortgages. In turn, consumer confidence in online financial services would fall, hurting the long-term growth prospects of these two industries and making this industry a more risky prospect for investors. Data providers Businesses are increasingly reliant on online data providers due to the rapid growth of cloud computing and cloud data storage. Online data providers, which include industries such as Virtual Data Rooms, Financial Data Service Providers and Data Processing and Hosting, allow businesses to instantly access information, such as financial data, that is critical for informed business decisions. All three industries, especially Virtual Data Rooms, are attractive targets for investors due to the exponential growth of cloud data storage and the industries resulting strong revenue and profit growth. In the five years to 2018, the Virtual Data Rooms industry, which provides businesses with information regarding legal due diligence, mergers, acquisitions and bankruptcies, is anticipated to grow at an annualized rate of 14.2% to $728.4 million. Industry operators are also profitable, with an average profit margin of 7.5%. Financial data services providers have even higher profit margins of 21.9% and are forecast to experience revenue growth of 4.9% per year on average to $6.3 billion over the next five years. These firms provide information on stock prices, fixed income markets and balance sheet information. Finally, data processing and hosting services providers offer general business intelligence and data. Over the next five years, data processing and hosting services firms are forecast to grow at an average annual rate of 3.4% to $82.2 billion, with profit accounting for 12.0% of revenue.

4 April Despite strong anticipated growth over the next five years, industry success is contingent on effective cyber security practices. These firms host sensitive business, financial and legal data, and unplanned leaks can cause millions of dollars in damages for industry clients. Repeated cyber attacks may lower business confidence in cloud data storage, which would put significant downward pressures on industry growth and profitability. Security service providers IT security consultants help businesses manage firewalls, encrypt data and develop intrusion-prevention and -detection systems. Security professionals are especially important for preventing insider leaks because insiders often have access to sensitive company financials and other data. Consultants help implement tools that monitor traffic, patterns regarding sensitive data and corporate network usage. As the risk of cyber attacks increases, IT security consultants that can help mitigate damages associated with security breaches will likely experience greater demand. With anticipated greater demand for security services,, industry revenue is forecast to grow at an average annual rate of 6.7% to $5.3 billion in the five years to Profit currently accounts for 7.5% of industry revenue and is also projected to increase as downstream demand picks up, making this industry more attractive to investors. Identity theft protection firms use software to track unauthorized use of credit and other personal information. In the five years to 2018, this industry is forecast to increase at an annualized rate of 2.1% to $3.8 billion. Like with IT security consultants, profit is also anticipated to slightly improve from its current level of 8.0% of revenue. The industry does well because operators can quickly detect and resolve identify theft; however, it has been criticized for failing to prevent theft in the first place. As consumers increasingly conduct financial transactions online exposure to identity theft will rise; even theft over a short period can result in major damages. As a result, identify theft protection firms will need to step up prevention capabilities. For instance, industry firms can invest in software that can more effectively monitor consumer spending patterns and data usage. The failure to more effectively prevent identify thefts can push consumers away, especially as cyber security improves in general for online financial services providers. Software publishers Consumers and businesses also rely on software publishers to develop more secure programs. The Database, Storage and Backup Software Publishing industry has enjoyed high profit margins of 21.9% due to steady demand for data storage. Over the next five years, this industry is anticipated to grow at an annualized rate of 4.1% to $38.6 billion as businesses increasingly rely on cloud data storage. Database software publishers will need to cater to cloudbased and mobile applications that require secure transmission and restricted access. Effective cyber security practices will be integral to industry growth over the next five years because downstream customers store sensitive business information using industry products. The lack of industry-wide standards on cyber security can result in more volatile demand in the five years to 2018, which can push investors away from this industry. Similarly, revenue for operating system publishers is forecast to increase at an annualized rate of 6.8% to $38.6 billion In the five years to Currently, industry firms enjoy high profit margins of 34.4% due to the low marginal costs of producing copies of

5 April About IBISWorld Inc. Recognized as the nation s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit or call existing operating systems. Over the next five years, operating system publishers are anticipated to steadily expand due to the large-scale adoption of cloud computing. As businesses turn to cloud storage, the demand for servers, which host and manage information, will increase. Like other publishers, industry operators will also need to improve the security of operating systems. For instance, Google s mobile operating system Android is currently in the spotlight for security issues, with a large number of malware and hacks targeting the operating system. Potential cyber security flaws like these will hamper business demand for an operating system, which may constrain industry growth and profitability over the next five years. The failure to implement effective cyber security practices can make this industry a more risky target for investors. Conclusion Convenient online services are boosting the need for effective security for private information. Consumers increasingly store sensitive information, such as credit cards and social security numbers, online and are highly vulnerable to cyber attacks. Businesses also host important financial and legal documents online and can suffer major damages to stock prices and other factors following cyber security breaches. As a result, over the next five years, effective cyber security will become a more important component of business operations for these 10 industries, in addition to countless number of industries that conduct business online. In particular, industries that provide services online will need to have highly secure customer data; leaks and security breaches can cause major damages for customers, resulting in costs associated with litigation and reparation. Failure to secure consumer and business data can result in damages from identity theft, insider trading and fraud. In general, industries that lack effective cyber security practices will face volatile demand and profitability, as consumer confidence wanes and downstream demand falls. Subsequently, industries without cyber security methods will become a riskier prospect for investors, further constraining their long-term growth. Contact: Savannah Haspel VP, Public Relations IBISWorld Phone:

6 At IBISWorld we know that industry intelligence is more than assembling facts. It is combining data with analysis to answer the questions that successful businesses ask. Identify high growth, emerging and shrinking markets Arm yourself with the latest industry intelligence Assess competitive threats from existing and new entrants Benchmark your performance against the competition Make speedy market-ready, profit-maximizing decisions Who is IBISWorld? We are strategists, analysts, researchers and marketers. We provide answers to information-hungry, time-poor businesses. Our goal is to give you the real-world answers that matter to your business in our 700 US industry reports. When tough strategic, budget, sales and marketing decisions need to be made, our suite of Industry and Risk intelligence products give you deeply researched answers quickly. IBISWorld Membership IBISWorld offers tailored membership packages to meet your needs. Join and become an industry expert! Disclaimer This product has been supplied by IBISWorld Inc. ( IBISWorld ) solely for use by its authorized licensees strictly in accordance with their license agreements with IBISWorld. IBISWorld makes no representation to any other person with regard to the completeness or accuracy of the data or information contained herein, and it accepts no responsibility and disclaims all liability (save for liability which cannot be lawfully disclaimed) for loss or damage whatsoever suffered or incurred by any other person resulting from the use of, or reliance upon, the data or information contained herein. Copyright in this publication is owned by IBISWorld Inc. The publication is sold on the basis that the purchaser agrees not to copy the material contained within it for other than the purchasers own purposes. In the event that the purchaser uses or quotes from the material in this publication in papers, reports, or opinions prepared for any other person it is agreed that it will be sourced to: IBISWorld Inc. Copyright IBISWorld Inc.

Industry Information: A Powerful Tool for Equipment Leasing and Financing

Industry Information: A Powerful Tool for Equipment Leasing and Financing WWW.IBISWORLD.COM Month 2012 1 Follow on head on Master page A October 2013 Industry Information: A Powerful Tool for Equipment Leasing and Financing By David Yang Industry research can be a valuable resource

More information

8 Hot Industries for Start-Ups

8 Hot Industries for Start-Ups WWW.IBISWORLD.COM February 2013 1 February 2013 By Kevin Boyland and Eben Jose Driven primarily by a shift toward providing services online, these eight industries present excellent opportunities for start-ups.

More information

What s Hot in Oil, Gas and Energy Equipment Leasing

What s Hot in Oil, Gas and Energy Equipment Leasing WWW.IBISWORLD.COM October 2013 1 Follow on head on Master page A October 2013 What s Hot in Oil, Gas and Energy Equipment Leasing By David Yang Effective portfolio risk management is vital to the long-term

More information

5 Hot Start-Up Industries

5 Hot Start-Up Industries WWW.IBISWORLD.COM January 2014 1 Follow on head on Master page A April 2014 By Dmitry Diment Strong revenue growth, high technological change and limited barriers to entry will present prime opportunities

More information

Prep Work: New Software Will Streamline Tax Services

Prep Work: New Software Will Streamline Tax Services WWW.IBISWORLD.COM Month 2012 1 Follow on head on Master page A August 2013 Prep Work: New Software Will Streamline Tax Services By Caitlin Newsom Tax software development will ultimately benefit both accountants

More information

Top Performing Service Industries

Top Performing Service Industries WWW.IBISWORLD.COM Month 2012 1 Follow on head on Master page A October 2013 Top Performing Service Industries By Nikoleta Panteva Service-based industries have been immune to the economy s recent economic

More information

Top 5 Deal Opportunities in the Southeast

Top 5 Deal Opportunities in the Southeast WWW.IBISWORLD.COM May 2013 1 May 2013 Top 5 Deal Opportunities in the Southeast By Natalie Everett The Southeast s aging population and interest in wellness will benefit several industries and provide

More information

Fastest Growing Franchises in Home Improvement

Fastest Growing Franchises in Home Improvement WWW.IBISWORLD.COM October 2013 1 October 2013 Fastest Growing Franchises in Home Improvement By Lauren Setar As the economy improves and residential market recovers, franchises in the home improvement

More information

Scenario Study: Natural Gas Prices Deflating

Scenario Study: Natural Gas Prices Deflating WWW.IBISWORLD.COM November 2012 1 November 2012 Scenario Study: Natural Gas Prices Deflating By Antonio Danova What if the price of natural gas bucked its trend of steady growth? And what industries would

More information

Five Innovative Industries that Boost Small Business

Five Innovative Industries that Boost Small Business WWW.IBISWORLD.COM January 2014 1 Follow on head on Master page A Five Innovative Industries that Boost Small Business By IBISWorld Industry Analyst Lucas Isakowitz, exclusively for the ASBDC conference

More information

Healthcare Reform Opens Up Middle-Market Opportunities

Healthcare Reform Opens Up Middle-Market Opportunities WWW.IBISWORLD.COM April 2013 1 April 2013 By IBISWorld Analysts Douglas Kelly & Anna Son A changing healthcare landscape and increasing demand are spurring potential deal opportunities in related industries.

More information

Top 5 Deal Opportunities in the West

Top 5 Deal Opportunities in the West WWW.IBISWLD.COM April 2013 1 April 2013 Top 5 Deal Opportunities in the West By Austen Sherman An influx of mergers and acquisitions among firms in the West will provide opportunities for investment banks

More information

Who Will Lose if Natural Gas Prices Keep Falling?

Who Will Lose if Natural Gas Prices Keep Falling? WWW.IBISWORLD.COM March 2013 1 March 2013 Who Will Lose if Natural Gas Prices Keep Falling? By Tony Danova A drop in prices would have uneven effects across the supply chain, with those farthest down the

More information

Toy and Hobby Stores Consolidate to Compete

Toy and Hobby Stores Consolidate to Compete WWW.IBISWORLD.COM November 2012 1 November 2012 Toy and Hobby Stores Consolidate to Compete By Justin Waterman As companies fight for business and to hold onto market share, industry concentration has

More information

Top 5 Riskiest Industries in the Mid-Atlantic

Top 5 Riskiest Industries in the Mid-Atlantic WWW.IBISWORLD.COM August 2013 1 August 2013 Top 5 Riskiest Industries in the Mid-Atlantic By Brandon Ruiz The Mid-Atlantic population is forecast to grow, but that will not help all industries in the region;

More information

Baby Boomers: A Burgeoning Customer Market

Baby Boomers: A Burgeoning Customer Market WWW.IBISWORLD.COM April 2013 1 April 2013 Baby Boomers: A Burgeoning Customer Market By Lauren Setar and Anna Son Led by the baby boomers, aging Americans are creating myriad opportunities in industries

More information

Highly Concentrated: Companies That Dominate Their Industries

Highly Concentrated: Companies That Dominate Their Industries WWW.IBISWORLD.COM Special Report February 2012 1 Special Report February 2012 Highly Concentrated: Companies That By Andrea Alegria, Agata Kaczanowska and Lauren Setar Through brand loyalty and mergers

More information

Top 10 Fastest-Growing Industries

Top 10 Fastest-Growing Industries WWW.IBISWORLD.COM Special Report April 2012 1 Special Report April 2012 Top 10 Fastest- Growing Industries By Lauren Setar & Matthew MacFarland With environmentally friendly practices or technological

More information

WWW.IBISWORLD.COM Special Report June 2012 1

WWW.IBISWORLD.COM Special Report June 2012 1 WWW.IBISWORLD.COM Special Report June 2012 1 Special Report June 2012 By Nikoleta Panteva and Agata Kaczanowska Fluctuating incomes and changing values have altered what consumers consider luxury, pushing

More information

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability GALLAGHER CYBER LIABILITY PRACTICE Tailored Solutions for Cyber Liability and Professional Liability Are you exposed to cyber risk? Like nearly every other business, you have probably capitalized on the

More information

Cybersecurity Report on Small Business: Study Shows Gap between Needs and Actions

Cybersecurity Report on Small Business: Study Shows Gap between Needs and Actions SURVEY REPORT: cyber security Cybersecurity Report on Small Business: Study Shows Gap between Needs and Actions Confidence in a connected world. Executive summary An online survey revealed that while U.S.

More information

Hope for the best, prepare for the worst:

Hope for the best, prepare for the worst: Hope for the best, prepare for the worst: Why your customers will demand self-service back-up Presented by Ridley Ruth, COO Breaking News Yahoo email Accounts were hacked in Jan 2014 (Washington Post)

More information

How-To Guide: Cyber Security. Content Provided by

How-To Guide: Cyber Security. Content Provided by How-To Guide: Cyber Security Content Provided by Who needs cyber security? Businesses that have, use, or support computers, smartphones, email, websites, social media, or cloudbased services. Businesses

More information

Data Security and the Cloud

Data Security and the Cloud Data Security and the Cloud TABLE OF CONTENTS DATA SECURITY AND THE CLOUD EXECUTIVE SUMMARY PAGE 3 CHAPTER 1 CHAPTER 2 CHAPTER 3 CHAPTER 4 CHAPTER 5 PAGE 4 PAGE 5 PAGE 6 PAGE 8 PAGE 9 DATA SECURITY: HOW

More information

Cybersecurity Workshop

Cybersecurity Workshop Cybersecurity Workshop February 10, 2015 E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. 150 West Main Street, Suite 2100 Norfolk, VA 23510 (757) 624-3153

More information

THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS

THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS David Glockner, Managing Director strozfriedberg.com Overview The big picture: what does cybercrime look like today and how is it evolving? What

More information

WHITE PAPER KEEPING CLIENT AND EMPLOYEE DATA SECURE DRIVES REVENUE AND BUILDS TRUST PROTECTING THE PROTECTOR

WHITE PAPER KEEPING CLIENT AND EMPLOYEE DATA SECURE DRIVES REVENUE AND BUILDS TRUST PROTECTING THE PROTECTOR KEEPING CLIENT AND EMPLOYEE DATA SECURE DRIVES REVENUE AND BUILDS TRUST Protecting Identities. Enhancing Reputations. IDT911 1 DATA BREACHES AND SUBSEQUENT IDENTITY THEFT AND FRAUD THREATEN YOUR ORGANIZATION

More information

Cyber Security. An Executive Imperative for Business Owners. 77 Westport Plaza, St. Louis, MO 63416 p 314.439.4700 f 314.439.4799

Cyber Security. An Executive Imperative for Business Owners. 77 Westport Plaza, St. Louis, MO 63416 p 314.439.4700 f 314.439.4799 Cyber Security An Executive Imperative for Business Owners SSE Network Services www.ssenetwork.com 77 Westport Plaza, St. Louis, MO 63416 p 314.439.4700 f 314.439.4799 Pretecht SM by SSE predicts and remedies

More information

Cyber/ Network Security. FINEX Global

Cyber/ Network Security. FINEX Global Cyber/ Network Security FINEX Global ABOUT US >> We are one of the largest insurance brokers in the world >> We have over 180 years of history and experience in insurance; we currently operate in over

More information

OCIE Technology Controls Program

OCIE Technology Controls Program OCIE Technology Controls Program Cybersecurity Update Chris Hetner Cybersecurity Lead, OCIE/TCP 212-336-5546 Introduction (Role, Disclaimer, Background and Speech Topics) SEC Cybersecurity Program Overview

More information

Cyber Risk to Help Shape Industry Trends in 2014

Cyber Risk to Help Shape Industry Trends in 2014 Cyber Risk to Help Shape Industry Trends in 2014 Rigzone Staff 12/18/2013 URL: http://www.rigzone.com/news/oil_gas/a/130621/cyber_risk_to_help_shape_industry_trends_i n_2014 The oil and gas industry s

More information

Cybersecurity. Are you prepared?

Cybersecurity. Are you prepared? Cybersecurity Are you prepared? First Cash, then your customer, now YOU! What is Cybersecurity? The body of technologies, processes, practices designed to protect networks, computers, programs, and data

More information

Beyond Data Breach: Cyber Trends and Exposures

Beyond Data Breach: Cyber Trends and Exposures Beyond Data Breach: Cyber Trends and Exposures Vietnam 7 th May 2015 Jason Kelly Head of Asia Financial Lines AIG Agenda Why do companies need cyber protection Example of Cyber attack worldwide and in

More information

CGI Cyber Risk Advisory and Management Services for Insurers

CGI Cyber Risk Advisory and Management Services for Insurers CGI Cyber Risk Advisory and Management Services for Insurers Minimizing Cyber Risks cgi.com 3 As organizations seek to create value in today s highly interconnected world, they inherently increase their

More information

Hope for the best, prepare for the worst:

Hope for the best, prepare for the worst: Hope for the best, prepare for the worst: Why your customers will demand self-service back-up Presented by Ridley Ruth, COO 2014 a record year for hacking! 100K+ WordPress sites infected by mysterious

More information

Internet threats: steps to security for your small business

Internet threats: steps to security for your small business Internet threats: 7 steps to security for your small business Proactive solutions for small businesses A restaurant offers free WiFi to its patrons. The controller of an accounting firm receives a confidential

More information

Reducing Risk. Raising Expectations. CyberRisk and Professional Liability

Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Are you exposed to CyberRisk? Like nearly every other business, you have likely capitalized on the advancements in technology today

More information

Cybersecurity Best Practices

Cybersecurity Best Practices Ten Essential Cybersecurity Best Practices Banking Business Employees Brought to you by: 1 Did you know? One in five small-to-medium-sized companies were the victims of cyber breaches in 2013.1 In 76%

More information

Anatomy of a Hotel Breach

Anatomy of a Hotel Breach Page 1 of 6 Anatomy of a Hotel Breach Written by Sandy B. Garfinkel Monday, 09 June 2014 15:22 Like 0 Tweet 0 0 Data breach incidents have dominated the news in 2014, and they are only becoming more frequent

More information

Mitigating and managing cyber risk: ten issues to consider

Mitigating and managing cyber risk: ten issues to consider Mitigating and managing cyber risk: ten issues to consider The board of directors is responsible for managing and mitigating risk exposure. A recent study conducted by the Ponemon Institute 1 revealed

More information

TOP 10 TIPS FOR EDUCATING EMPLOYEES ABOUT CYBERSECURITY

TOP 10 TIPS FOR EDUCATING EMPLOYEES ABOUT CYBERSECURITY TOP 10 TIPS FOR EDUCATING EMPLOYEES ABOUT CYBERSECURITY An Inside Job Cyberthreats to your business are usually blamed on outsiders nefarious programmers writing malicious code designed to pilfer your

More information

10 Quick Tips to Mobile Security

10 Quick Tips to Mobile Security 10 Quick Tips to Mobile Security 10 Quick Tips to Mobile Security contents 03 Introduction 05 Mobile Threats and Consequences 06 Important Mobile Statistics 07 Top 10 Mobile Safety Tips 19 Resources 22

More information

Compliance. Review. Our Compliance Review is based on an in-depth analysis and evaluation of your organization's:

Compliance. Review. Our Compliance Review is based on an in-depth analysis and evaluation of your organization's: Security.01 Penetration Testing.02 Compliance Review.03 Application Security Audit.04 Social Engineering.05 Security Outsourcing.06 Security Consulting.07 Security Policy and Program.08 Training Services

More information

KEEPING PATIENT INFORMATION SAFE AND SECURE IN THE CLOUD

KEEPING PATIENT INFORMATION SAFE AND SECURE IN THE CLOUD CASE STUDY Take Cover The costs of exposing or losing patient information can ruin a dental practice. Cloud-based solutions can protect your business and your patients against these threats: Unauthorized

More information

DATA BREACHES: HOW IT IMPACTS THE CUSTOMER & THE FINANCIAL INSTITUTION. Prepared For: First Citizens Federal Credit Union 3/18/2015

DATA BREACHES: HOW IT IMPACTS THE CUSTOMER & THE FINANCIAL INSTITUTION. Prepared For: First Citizens Federal Credit Union 3/18/2015 DATA BREACHES: HOW IT IMPACTS THE CUSTOMER & THE FINANCIAL INSTITUTION. Prepared For: First Citizens Federal Credit Union TABLE OF CONTENTS Data Breach Trends Financial Institutions Impact How First Citizens

More information

Cloud Security Benchmark: Top 10 Cloud Service Providers Executive Summary January 5, 2015

Cloud Security Benchmark: Top 10 Cloud Service Providers Executive Summary January 5, 2015 Cloud Security Benchmark: Top 10 Cloud Service Providers Executive Summary January 5, 2015 2015 CloudeAssurance Page 1 Table of Contents Copyright and Disclaimer... 3 Results: Top 10 Cloud Service Providers

More information

Application Security in the Software Development Lifecycle

Application Security in the Software Development Lifecycle Application Security in the Software Development Lifecycle Issues, Challenges and Solutions www.quotium.com 1/15 Table of Contents EXECUTIVE SUMMARY... 3 INTRODUCTION... 4 IMPACT OF SECURITY BREACHES TO

More information

Phishing Victims Likely Will Suffer Identity Theft Fraud

Phishing Victims Likely Will Suffer Identity Theft Fraud Markets, A. Litan Research Note 14 May 2004 Phishing Victims Likely Will Suffer Identity Theft Fraud Fifty-seven million U.S. adults think they have received a phishing e-mail. More than 1.4 million users

More information

New York State Department of Financial Services. Report on Cyber Security in the Banking Sector

New York State Department of Financial Services. Report on Cyber Security in the Banking Sector New York State Department of Financial Services Report on Cyber Security in the Banking Sector Governor Andrew M. Cuomo Superintendent Benjamin M. Lawsky May 2014 I. Introduction Cyber attacks against

More information

WHAT ARE THE BENEFITS OF OUTSOURCING NETWORK SECURITY?

WHAT ARE THE BENEFITS OF OUTSOURCING NETWORK SECURITY? WHAT ARE THE BENEFITS OF OUTSOURCING NETWORK SECURITY? Contents Introduction.... 3 What Types of Network Security Services are Available?... 4 Penetration Testing and Vulnerability Assessment... 4 Cyber

More information

Is the PCI Data Security Standard Enough?

Is the PCI Data Security Standard Enough? Is the PCI Data Security Standard Enough? By: Christina M. Freeman ICTN 6870 Advanced Network Security Abstract: This paper will present the researched facts on Payment Card Industry Data Security Standard

More information

CONSUMER CREDIT DEFAULT RATES DECREASE IN SEPTEMBER 2015 ACCORDING TO THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES

CONSUMER CREDIT DEFAULT RATES DECREASE IN SEPTEMBER 2015 ACCORDING TO THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES CONSUMER CREDIT DEFAULT RATES DECREASE IN SEPTEMBER 2015 ACCORDING TO THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES Four of the Five Cities Report Default Rate Decreases in September 2015 New York,

More information

For more information on SQL injection, please refer to the Visa Data Security Alert, SQL Injection Attacks, available at www.visa.

For more information on SQL injection, please refer to the Visa Data Security Alert, SQL Injection Attacks, available at www.visa. Global Partner Management Notice Subject: Visa Data Security Alert Malicious Software and Internet Protocol Addresses Dated: April 10, 2009 Announcement: The protection of account information is a responsibility

More information

State of Security Survey GLOBAL FINDINGS

State of Security Survey GLOBAL FINDINGS 2011 State of Security Survey GLOBAL FINDINGS CONTENTS Introduction... 4 Methodology... 6 Finding 1: Cybersecurity is important to business... 8 Finding 2: The drivers of security are changing... 10 Finding

More information

Threat Intelligence Pty Ltd info@threatintelligence.com 1300 809 437. Specialist Security Training Catalogue

Threat Intelligence Pty Ltd info@threatintelligence.com 1300 809 437. Specialist Security Training Catalogue Threat Intelligence Pty Ltd info@threatintelligence.com 1300 809 437 Specialist Security Training Catalogue Did you know that the faster you detect a security breach, the lesser the impact to the organisation?

More information

Cyber Security and Privacy Services. Working in partnership with you to protect your organisation from cyber security threats and data theft

Cyber Security and Privacy Services. Working in partnership with you to protect your organisation from cyber security threats and data theft Cyber Security and Privacy Services Working in partnership with you to protect your organisation from cyber security threats and data theft 2 Cyber Security and Privacy Services What drives your security

More information

Stay ahead of insiderthreats with predictive,intelligent security

Stay ahead of insiderthreats with predictive,intelligent security Stay ahead of insiderthreats with predictive,intelligent security Sarah Cucuz sarah.cucuz@spyders.ca IBM Security White Paper Executive Summary Stay ahead of insider threats with predictive, intelligent

More information

KASPERSKY SECURITY INTELLIGENCE SERVICES. EXPERT SERVICES. www.kaspersky.com

KASPERSKY SECURITY INTELLIGENCE SERVICES. EXPERT SERVICES. www.kaspersky.com KASPERSKY SECURITY INTELLIGENCE SERVICES. EXPERT SERVICES www.kaspersky.com EXPERT SERVICES Expert Services from Kaspersky Lab are exactly that the services of our in-house experts, many of them global

More information

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Managing Cyber Threats Risk Management & Insurance Solutions Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Overview Recent Trends and Loss Exposures Risk Management Strategies

More information

Maximizing Your Equity Allocation

Maximizing Your Equity Allocation Webcast summary Maximizing Your Equity Allocation 130/30 The story continues May 2010 Please visit jpmorgan.com/institutional for access to all of our Insights publications. Extension strategies: Variations

More information

EHS Privacy and Information Security

EHS Privacy and Information Security EHS Privacy and Information Security Resident Orientation 26 June 2015 Steve Winter CISSP, CNE, MCSE Senior Information Security Engineer Privacy and Information Security Office Erlanger Health System

More information

Mobile Security - Mobilidade Bancária e Digital Workers. Américo Alonso, CISSP, CIS LATAM Offering Manager for CyberSecurity

Mobile Security - Mobilidade Bancária e Digital Workers. Américo Alonso, CISSP, CIS LATAM Offering Manager for CyberSecurity Mobile Security - Mobilidade Bancária e Digital Workers Américo Alonso, CISSP, CIS LATAM Offering Manager for CyberSecurity Agenda 1 2 3 4 5 6 7 BANKING SECTOR CHALLENGES FOR 2015+ 1bank ATOS VALUE PROPOSITION

More information

Protect Yourself from Cyber Risks

Protect Yourself from Cyber Risks Protect Yourself from Cyber Risks 2012 SEAS Cybersecurity Awareness Day 10/17/12 Jay Carter, CISSP CISA Agenda Overview Notable Targets of Hackers What You Can Do to Protect Yourself Identity Theft Questions

More information

AUTHORED BY: George W. Gray CTO, VP Software & Information Systems Ivenix, Inc. ADDRESSING CYBERSECURITY IN INFUSION DEVICES

AUTHORED BY: George W. Gray CTO, VP Software & Information Systems Ivenix, Inc. ADDRESSING CYBERSECURITY IN INFUSION DEVICES AUTHORED BY: George W. Gray CTO, VP Software & Information Systems Ivenix, Inc. ADDRESSING CYBERSECURITY IN INFUSION DEVICES INTRODUCTION Cybersecurity has become an increasing concern in the medical device

More information

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder Ten Questions Your Board Should be asking about Cyber Security Eric M. Wright, Shareholder Eric Wright, CPA, CITP Started my career with Schneider Downs in 1983. Responsible for all IT audit and system

More information

Healthcare Cybersecurity Perspectives from the Michigan Healthcare Cybersecurity Council

Healthcare Cybersecurity Perspectives from the Michigan Healthcare Cybersecurity Council Healthcare Cybersecurity Perspectives from the Michigan Healthcare Cybersecurity Council Presented by Doug Copley, Chairman Michigan Healthcare Cybersecurity Council Mr. Chairman and Committee Members,

More information

DIGITAL LIFE E-GUIDE. Keeping Your Cloud Data in Check

DIGITAL LIFE E-GUIDE. Keeping Your Cloud Data in Check A DIGITAL LIFE E-GUIDE Keeping Your Cloud Data in Check Creating passwords, installing security software, practicing safe surfing habits these typical security measures are not enough to protect your

More information

Preparing for a Cyber Attack PROTECT YOUR PEOPLE AND INFORMATION WITH SYMANTEC SECURITY SOLUTIONS

Preparing for a Cyber Attack PROTECT YOUR PEOPLE AND INFORMATION WITH SYMANTEC SECURITY SOLUTIONS Preparing for a Cyber Attack PROTECT YOUR PEOPLE AND INFORMATION WITH SYMANTEC SECURITY SOLUTIONS CONTENTS PAGE RECONNAISSANCE STAGE 4 INCURSION STAGE 5 DISCOVERY STAGE 6 CAPTURE STAGE 7 EXFILTRATION STAGE

More information

Cyber Risks in the Boardroom

Cyber Risks in the Boardroom Cyber Risks in the Boardroom Managing Business, Legal and Reputational Risks Perspectives for Directors and Executive Officers Preparing Your Company to Identify, Mitigate and Respond to Risks in a Changing

More information

HEALTH CARE AND CYBER SECURITY:

HEALTH CARE AND CYBER SECURITY: HEALTH CARE AND CYBER SECURITY: Increasing Threats Require Increased Capabilities kpmg.com 1 HEALTH CARE AND CYBER SECURITY EXECUTIVE SUMMARY Four-fifths of executives at healthcare providers and payers

More information

Everything You Need to Know About Effective Mobile Device Management. mastering the mobile workplace

Everything You Need to Know About Effective Mobile Device Management. mastering the mobile workplace Everything You Need to Know About Effective Mobile Device Management mastering the mobile workplace Table of Contents Introduction... 3 1. What exactly is Mobility Management Anyway?... 4 Impenetrable

More information

Cyber Threat Intelligence and Incident Coordination Center (C 3 ) Protecting the Healthcare Industry from Cyber Attacks

Cyber Threat Intelligence and Incident Coordination Center (C 3 ) Protecting the Healthcare Industry from Cyber Attacks Cyber Threat Intelligence and Incident Coordination Center (C 3 ) Protecting the Healthcare Industry from Cyber Attacks July 2014 Cyber Threat Intelligence and Incident Coordination Center: Protecting

More information

Cybercrime: risks, penalties and prevention

Cybercrime: risks, penalties and prevention Cybercrime: risks, penalties and prevention Cyber attacks have been appearing in the news with increased frequency and recent victims of cybercrime have included well-known companies such as Sony, LinkedIn,

More information

QuotePower International Limited

QuotePower International Limited QuotePower International Limited Transaction Services QuotePower-Trade The Global Electronic Trading Solution for the Next Generation E-Brokerage Getting Started with On-line Trading Electronic trading

More information

CYBER4SIGHT TM THREAT INTELLIGENCE SERVICES ANTICIPATORY AND ACTIONABLE INTELLIGENCE TO FIGHT ADVANCED CYBER THREATS

CYBER4SIGHT TM THREAT INTELLIGENCE SERVICES ANTICIPATORY AND ACTIONABLE INTELLIGENCE TO FIGHT ADVANCED CYBER THREATS CYBER4SIGHT TM THREAT INTELLIGENCE SERVICES ANTICIPATORY AND ACTIONABLE INTELLIGENCE TO FIGHT ADVANCED CYBER THREATS PREPARING FOR ADVANCED CYBER THREATS Cyber attacks are evolving faster than organizations

More information

Did security go out the door with your mobile workforce? Help protect your data and brand, and maintain compliance from the outside

Did security go out the door with your mobile workforce? Help protect your data and brand, and maintain compliance from the outside Help protect your data and brand, and maintain compliance from the outside September 2006 Copyright 2006 Entrust. All rights reserved. Entrust is a registered trademark of Entrust, Inc. in the United States

More information

CYBER/ NETWORK SECURITY

CYBER/ NETWORK SECURITY CYBER/ NETWORK SECURITY FINEX AUSTRALIA ABOUT US >> We are one of the largest insurance brokers in the world >> We have over 180 years of history and experience in insurance; we currently operate in over

More information

Ten Tips for Managing Risks on Convergent Networks The Risk Management Group

Ten Tips for Managing Risks on Convergent Networks The Risk Management Group Ten Tips for Managing Risks on Convergent Networks The Risk Management Group April 2012 Sponsored by: Lavastorm Analytics is a global business performance analytics company that enables companies to analyze,

More information

Don t Lose the Data: Six Ways You May Be Losing Mobile Data and Don t Even Know It

Don t Lose the Data: Six Ways You May Be Losing Mobile Data and Don t Even Know It WHITE PAPER: DON T LOSE THE DATA: SIX WAYS YOU MAY BE LOSING........ MOBILE....... DATA......................... Don t Lose the Data: Six Ways You May Be Losing Mobile Data and Don t Even Know It Who should

More information

Cyber4sight TM Threat. Anticipatory and Actionable Intelligence to Fight Advanced Cyber Threats

Cyber4sight TM Threat. Anticipatory and Actionable Intelligence to Fight Advanced Cyber Threats Cyber4sight TM Threat Intelligence Services Anticipatory and Actionable Intelligence to Fight Advanced Cyber Threats Preparing for Advanced Cyber Threats Cyber attacks are evolving faster than organizations

More information

The promise and pitfalls of cyber insurance January 2016

The promise and pitfalls of cyber insurance January 2016 www.pwc.com/us/insurance The promise and pitfalls of cyber insurance January 2016 2 top issues The promise and pitfalls of cyber insurance Cyber insurance is a potentially huge but still largely untapped

More information

NASCIO 2015 State IT Recognition Awards

NASCIO 2015 State IT Recognition Awards NASCIO 2015 State IT Recognition Awards Title: State of Georgia Private Security Cloud Implementation Category: Cybersecurity Contact: Mr. Calvin Rhodes CIO, State of Georgia Executive Director, GTA calvin.rhodes@gta.ga.gov

More information

Impact of Cybersecurity Innovations in Key Sectors (Technical Insights)

Impact of Cybersecurity Innovations in Key Sectors (Technical Insights) Impact of Cybersecurity Innovations in Key Sectors (Technical Insights) Customized cybersecurity measures help overcome Industry specific challenges September 2014 Table of Contents Section Slide Number

More information

43% Figure 1: Targeted Attack Campaign Diagram

43% Figure 1: Targeted Attack Campaign Diagram TrendLabs Data exfiltration is the final stage of a targeted attack campaign where threat actors steal valuable corporate information while remaining undetected. 1 43% of most serious threats to the company

More information

National Credit Default Rates Continued Their Upward Trend in December 2014 According to the S&P/Experian Consumer Credit Default Indices

National Credit Default Rates Continued Their Upward Trend in December 2014 According to the S&P/Experian Consumer Credit Default Indices National Credit Default Rates Continued Their Upward Trend in December 2014 According to the S&P/Experian Consumer Credit Default Indices Four of the Five Cities Saw Default Rates Increase in December

More information

Cyber Risks in Italian market

Cyber Risks in Italian market Cyber Risks in Italian market Milano, 01.10.2014 Forum Ri&Assicurativo Gianmarco Capannini Agenda 1 Cyber Risk - USA 2 Cyber Risk Europe experience trends Market size and trends Market size and trends

More information

Finding a Cure for Medical Identity Theft

Finding a Cure for Medical Identity Theft Finding a Cure for Medical Identity Theft A look at the rise of medical identity theft and what small healthcare organizations are doing to address threats October 2014 www.csid.com TABLE OF CONTENTS SUMMARY

More information

Web Protection for Your Business, Customers and Data

Web Protection for Your Business, Customers and Data WHITE PAPER: WEB PROTECTION FOR YOUR BUSINESS, CUSTOMERS............ AND.... DATA........................ Web Protection for Your Business, Customers and Data Who should read this paper For security decision

More information

Usher Mobile Identity for Higher Education Institutions. Rebecca Parks Associate Product Manager, MicroStrategy

Usher Mobile Identity for Higher Education Institutions. Rebecca Parks Associate Product Manager, MicroStrategy Usher Mobile Identity for Higher Education Institutions Rebecca Parks Associate Product Manager, MicroStrategy Agenda Overview of Mobile Identity Verify Personal ID Login to University Systems Unlock Doors

More information

White Paper. Data Breach Mitigation in the Healthcare Industry

White Paper. Data Breach Mitigation in the Healthcare Industry White Paper Data Breach Mitigation in the Healthcare Industry Thursday, October 08, 2015 Table of contents 1 Executive Summary 3 2 Personally Identifiable Information & Protected Health Information 4 2.1

More information

DON T BE A VICTIM! IS YOUR INVESTMENT PROGRAM PROTECTED FROM CYBERSECURITY THREATS?

DON T BE A VICTIM! IS YOUR INVESTMENT PROGRAM PROTECTED FROM CYBERSECURITY THREATS? HEALTH WEALTH CAREER DON T BE A VICTIM! IS YOUR INVESTMENT PROGRAM PROTECTED FROM CYBERSECURITY THREATS? Gregg Sommer, CAIA Head of Operational Risk Assessments St. Louis MERCER 2015 0 CYBERSECURITY BREACHES

More information

Trust No One Encrypt Everything!

Trust No One Encrypt Everything! Trust No One Encrypt Everything! Business Primer March 2014 This white paper explores cloud users requirements for data access and sharing, especially in relation to trends in BYOD and personal cloud storage

More information

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Hacks, breaches, stolen data, trade secrets hijacked, privacy violated, ransom demands made; how can you protect your data

More information

Cybersecurity Risks, Regulation, Remorse, and Ruin

Cybersecurity Risks, Regulation, Remorse, and Ruin Financial Planning Association of Michigan 2014 Fall Symposium Cybersecurity Risks, Regulation, Remorse, and Ruin Shane B. Hansen shansen@wnj.com (616) 752-2145 October 23, 2014 Copyright 2014 Warner Norcross

More information

Who s next after TalkTalk?

Who s next after TalkTalk? Who s next after TalkTalk? Frequently Asked Questions on Cyber Risk Fraud threat to millions of TalkTalk customers TalkTalk cyber-attack: website hit by significant breach These are just two of the many

More information

Best Practices in ICS Security for Device Manufacturers. A Wurldtech White Paper

Best Practices in ICS Security for Device Manufacturers. A Wurldtech White Paper Best Practices in ICS Security for Device Manufacturers A Wurldtech White Paper No part of this document may be distributed, reproduced or posted without the express written permission of Wurldtech Security

More information

Cyber Insurance: How to Investigate the

Cyber Insurance: How to Investigate the 10-26-2015 Cyber Insurance: How to Investigate the Right Coverage for Your Company Presented by: Faith M. Heikkila, Ph.D., CISM, CIPM, CIPP-US, ABCP Greenleaf Trust Chief Information Security Officer (CISO)

More information

Security. Tiffany Trent-Abram VP, Global Product Management. November 6 th, 2015. One Connection - A World of Opportunities

Security. Tiffany Trent-Abram VP, Global Product Management. November 6 th, 2015. One Connection - A World of Opportunities One Connection - A World of Opportunities Security Tiffany Trent-Abram VP, Global Product Management November 6 th, 2015 2015 TNS Inc. All Rights Reserved. Bringing Global Credibility and History TNS Specializes

More information

LIGC-ACC Presentation November 9, 2015

LIGC-ACC Presentation November 9, 2015 Bryan Frank, DDIS Info Sec Corp, panelist Jennifer M. Mone, Deputy General Counsel, Hofstra University, panelist Keith J. Frank, Partner, Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana,. LLP, moderator

More information

CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS

CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS 1 As regulators around the world move to tighten compliance requirements for financial institutions, improvement in cyber security controls will become

More information