Here We Go Again with Another Massive Data Security Breach

Here We Go Again with Another Massive Data Security Breach from Setnor Byer Insurance & Risk

By: Setnor Byer Insurance & Risk  09/24/2014
Keywords: Risk Assessment, Malware, cyber security

Before the dust could settle on Target’s data security breach, news of a potentially larger one has surfaced. On September 18, 2014, Home Depot confirmed that it suffered a data breach involving the debit and credit card information of approximately 56 million customers. Target’s breach involved approximately 40 million cards. Home Depot’s breach involved payment card information for purchases made at U.S. and Canadian Home Depot stores from April to September, 2014. According to Home Depot, criminals used unique, custom-built malware not seen previously in other attacks to breach payment card systems. Though their investigation is ongoing, Home Depot said names, card numbers, expiration dates, cardholder verification values and service codes may have been compromised. Seeing yet another large business with substantial resources suffer a massive data security breach should be more than enough to confirm that data security breaches can happen to any organization. Though preventing data breaches is becoming more difficult, businesses can take steps to reduce the risk. A subsidiary of Reinsurer Munich Re recently held a presentation with cybersecurity experts and risk managers to show how cybercriminals choose their targets and access their systems. This presentation provided several key takeaways for businesses. Businesses are not only viewed as targets by cybercriminals, but also as conduits to attack a business’s clients. Businesses must identify any data that may be valuable to others, and keep only what is needed. Most hackers use email and browsers to access a business’s systems. The cybersecurity presentation identified 10 ways for businesses to prevent a data breach. Outsource payment processing (point-of-sale, web payments) to take advantage of their sophisticated and dedicated security measures. Separate social media from financial activity by using a dedicated device for online banking and a different device for email and social media... For the full article please visit: http://setnorbyer.com/riskbriefs/post/Here-We-Go-Again-with-Another-Massive-Data-Security-Breach.aspx#post0

Keywords: Cyber Liability, Cyber Liability Insurance, cyber security, cyber security framework, Hackers, Malware, Risk Assessment,

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