T H E R E A L C O S T O F A D ATA B R E A C H

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1 T H E R E A L C O S T O F A D ATA B R E A C H Hosted by AllClear ID

2 WELCOME // QUICK NOTES Presentation is being recorded and will be available within 2-3 business days at All lines are muted, please send any questions via chat on the lower left of your screen Q&A will be at end of presentation After webinar, to request confirmation of attendance for professional credit 2

3 SPEAKERS // BIOGRAPHIES John Mullen - Chair of US Data Privacy and Network Security with Lewis Brisbois Bisgaard & Smith Mark Greisiger is the President of NetDiligence Vinny Sakore - Assistant HIPAA Security Officer at Verizon and Cloud Security & Healthcare at ICSA Labs Andrew Obuchowski is the Northeast regional leader with McGladrey's Security & Privacy Consulting group Jamie May is the Vice President of Operations at AllClear ID 3

4 C Y B E R C L A I M S S T U D Y H I G H L I G H T S Mark Greisiger - NetDiligence

5 Risk Manager Concerns: Data Breach Trends Number of Incidents (tip of iceberg) 1079

6 Cyber is a leading issue now!

7 Risk Manager Concerns: Class Actions

8 Highlights: 2014 NetDiligence Claims Study Findings Per Breach Costs Average claim : $733K (median $144K) Large Co = $2.9 Mil Healthcare $1.3 Mil Per Record Costs Average per-record cost $956 (up, was $307 in 2013 Study) Cost Range pennies - $11K per record Crisis Services Costs (forensics, legal counsel, notification & credit monitoring) Average cost of crisis services $366K (down, was $737K in 2013 Study) Legal Costs (defense & settlement) Average cost of defense $698K (up, was $575K in 2013 Study) Average cost of settlement $558K (up, was $258K in 2013 Study)

9 Highlights continued PII was the most frequently exposed data (41% of breaches), followed by PHI (21%) and PCI (19%). Hackers were the most frequent cause of loss (29%), followed by Staff Mistakes (13%). Healthcare was the sector most frequently breached (23%), followed closely by Financial Services (22%).

10 Claims Payout Breakdown

11 Comparing 2014 Findings Average # of Records Exposed & Cost by Type (in millions) $ $ $ $1.0 $1.0 $1.0 $0.9 $733K $0.7 $0.6 $0.6 $0.5 $0.4 $0.4 $0.3 $0.1 # of Records Per-Breach Cost Crisis Services Legal Defense Legal Settlement Preliminary Findings 2014 Study

12 Example Breach Claims Financial Institution Cause: Hacker Number of records affected: 4 Mil Type of data lost: PII CLAIM COST: o Forensics: $250K o Notice: $500K o Credit: $115K o Legal Guidance (crisis response): $209K Total Claim: $1,074,000 ($0.27 per record) Healthcare System Cause: Vendor Mishap Number of records: 1,050 Type of data lost: PII/ PHI CLAIM COST: o Forensics: $25K o Notice: $40K o ID Monitor: $0 o Legal Guidance (crisis response): $70K Total Claim: $135,000 ($ per record)

13 C O S T S AV I N G S - F O R E N S I C S P E R S P E C T I V E Andy Obuchowski - McGladrey LLP

14 Incident Response Tasks Incident Response Tasks Investigative Hurdles Consulting and evidence preservation Mitigating Costs & Risks The initial objective is to learn about your organization and IT infrastructure Identifying potential evidence sources followed by the preservation/collection of data. Forensic analysis: Keyword searching is limited to files that are searchable (unless indexed) or unallocated ( deleted space ) Locate or file fragments, identify addresses, password crack files, and other useful investigative data points Identify files containing Payment Card Information (PCI), Personal Healthcare Information (PHI), and Personal Identifying Information (PII) Internet history activity showing websites visited such as file transfer sites (DropBox), chat communication (including Skype), and media files Connecting external storage, transferring files to other media Ask yourself: Is my staff appropriately trained to handle an information security incident? Do they have the skill sets to conduct a forensic investigation? Have we been through this type of incident before? Do we know where our data is physically located? 14

15 Investigative Hurdles Trust but Verify Incident Response Tasks Investigative Hurdles Investigating Unknowns - Unable to identify appropriate resources - Third-party providers and custom applications Evidence preservation afterthought - Deleted digital evidence expands scope/risk of harm - Lack of documentation, misconfigured applications, log retention Data pooling - Human capital, accounting, user share data combined Data quality Non-standardized data formats Manual review for protected information Mitigating Costs & Risks Ask yourself: Is my staff appropriately trained to handle an information security incident? Do they have the skill sets to conduct a forensic investigation? 15

16 Mitigating Costs & Risks Incident Response Tasks Administrative tasks Investigative Hurdles Organizational Programs - Written Information Security Program (WISP) - Vendor management - Business continuity & disaster recovery plans Specific Preparation Tasks - IT risk assessment - Incident response plan - Mock incident response drills - Security awareness training Response - Documentation Mitigating Costs & Risks How was the incident discovered? Who performed what action? what? When did the change or event occur? What was the result? 16

17 Mitigating Costs & Risks continued... Technical tasks Data segregation - Data classification/identification program Network and application patch management Backup and archiving solutions - Access to data backup and offsite facilities - Test archiving solutions ( , data vaults) - Speed of exports, change in file properties, search functionality Network vulnerability testing Enterprise monitoring solutions Incident Response Tasks Investigative Hurdles Mitigating Costs & Risks - Event logging (VPN, file audit, network access, building access) - Data Loss Prevention (DLP) solutions Ask yourself: Is our company sensitive data on the same server as our employee home directories? Have we tested the input and output or our backup/archiving solution? Are there logs available to show who has accessed our network in the past week? Do we know what files they accessed? 17

18 C O S T O F A D ATA B R E A C H : L E G A L C O N S I D E R AT I O N S John Mullen - Lewis Brisbois Bisgaard & Smith LLP

19 Legal Duties and Regulatory Exposures State level breach notice: 47 states (plus Puerto Rico, Wash. D.C., Virgin Islands) require notice to customers after unauthorized access to PII/PHI. Require firms that conduct business in state to notify resident consumers of security breaches of unencrypted computerized personal information Many require notification of state attorney general, state consumer protection agencies, and credit monitoring agencies Notice due without unreasonable delay Federal level breach notice: HIPAA - set of national standards to protect PHI that is created, received, used, or maintained Applies to covered entities and business associates When a data security incident occurs, a breach is presumed: unauthorized access May require notice to the media, to HHS, and the patients within 60 days

20 Regulator/Compliance Cost Breach Costs Attorney oversight Forensics Notification Call centers PR ID Insurance Credit/ID monitoring ID restoration Planning and Data Management Breach planning (Mass.) ID Theft monitoring (red flags) PCI DSS (Nevada and merchants) HIPAA IRPs

21 Legal Duties and Cost Savings Controlling Costs by Assuming Other s Legal Duties Payroll service hacked This company is not the data owner has to notify its clients, who are employers, about exposures of those clients employees data Employers themselves have the duty to notify the employees Payroll service would want to manage the notification anyway to control messaging and costs Payroll service has cyber insurance Approximately 2,000 clients and 230,000 employees of clients to notify Managing notice process eliminates separate legal bills for each client, allows Payroll service to use carrier approved vendors for legal services, investigation, notice and other services

22 C O S T S AV I N G S C U S T O M E R C O N S I D E R AT I O N S Jamie May - Vice President of Operations at AllClear ID

23 CREATE A POSITIVE CUSTOMER EXPERIENCE 1 PLAN AHEAD TO AVOID COSTLY MISTAKES 2 DRAFT CUSTOMER-FOCUSED COMMUNICATIONS 3 PROVIDE THE CORRECT PROTECTIONS FOR THE DATA LOST 23

24 PLAN AHEAD AND TAKE CONTROL Determine your level of risk based on the data your company retains Build and practice a solid incident response strategy Practice breach response to be prepared in case of an emergency 24

25 CREATE A POSITIVE CUSTOMER EXPERIENCE Excellent customer service is key to rebuilding trust Draft clear customer-focused communications Don t require enrollment it further burdens customers 25

26 OFFER THE CORRECT PROTECTIONS Avoid credit monitoring unless SSNs are lost Identity repair and monitoring should be offered at no cost 26

27 T E C H N O L O G Y - A D D R E S S I N G T O D AY S R I S K S Vinny Sakore ISCA Labs

28 Breach Investigations by Attack Vector by Industry

29 Mobile Application Testing

30 Closing Comments and Thoughts 1. Know your industry s risks which of the nine vectors apply to you and respond appropriately. 2. If you have cyber liability insurance, know the claims process have a written incident response plan. 3. Encrypt all of your sensitive information and use good key management. 4. Be prepared for a regulator audit, find out if your insurance covers fines, penalties etc 5. Focus on vendor management. For security purposes but also because every regulator is focusing on it.

31 THANK YOU // FINAL NOTES FOLLOW UP QUESTIONS Presenters will follow up on any unanswered questions via . FOR CREDIT to request attendance confirmation for professional credit WEBINAR RECORDING Available for download at ess in 1 to 2 business days 31

32 SPEAKERS // CONTACT INFORMATION John Mullen at LBBS Mark Greisiger at NetDiligence Vinny Sakore at ICSA Labs Andrew Obuchowski at McGladrey Jamie May at AllClear ID Breach Hotline:

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