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Rising to the Occasion

December 29, 2014

Reprinted with permission from Inside Counsel

The article quotes David Katz

The year 2014 was unofficially dubbed “the year of the data breach,” and with attacks wreaking havoc across a multitude of industries, it’s not difficult to see why. To assume that 2014 earned this reputation through a series of isolated incidents—which coincidentally happened to be higher profile than in previous years—would be a grave error. Rather, it appears 2014 was simply a culmination of the systemic weakness of cybersecurity that exists across all industries and nations, and finally featuring events big enough to catch the attention of both mass media and John Q. Public.

A June 2014 research report conducted by MacAfee estimates the global cost impact of cybercrime was over $400 billion for the year; a second study released by the Ponemon Institute the same month concludes that 43 percent of companies experienced a data breach in 2014. Despite an increase of dedicated cybersecurity spending, these ominous numbers indicate that frequent high-profile data breaches are likely to continue in 2015 and beyond. And of the assets targeted, none is a greater risk than the personal identifiable information of clients and customers. 

Because of its direct association with the technological infrastructure of an organization, the task of combatting these issues has often fallen to IT. However, the increasing risk to reputation and financial status is now bringing others to the table when it comes to cybersecurity and privacy, and legal, can have a considerable impact on protecting a corporation against cyber-compromise.

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