The past year was saturated with detailed disclosures of cyber attacks against marquee corporations. From Target to Home Depot and JP Morgan and Sony Pictures, the wider public now knows how wide open corporate networks are to disruptive, damaging hacks.
In the coming year, court cases should begin to define and quantify a new realm of liability exposure posed by such cyber attacks. The result: directors and officers liability insurance is poised for a boom. ThirdCertainty.com asked insurance industry attorney Eric Dolden of the Canadian law firm Dolden Wallace Folick to outline how this message is reverberating through board rooms around the globe. (more…)
We might have the notion of what an identity thief looks like: a criminal mastermind sitting in the dark, his stern face illuminated by a bank of computer monitors.
In reality, the crimes and the criminals are much more mundane: A thief is more likely to stumble upon paper files left behind in a cab or public restroom and use that to his own ends; instead of buying up jewelry and iPads, a hacker might use a fake name to hook up utilities at his house.
Identity theft claims a new victim every two seconds. More than 13 million people experienced fraud over the past year, according to Javelin Strategy & Research. Out of the massive caseload built by the IDT911 Fraud Resolution Center, here are six that stand out for their brazenness:
While cybercriminals often look for payment card or personal information on corporate networks, they may increasingly look for data that may be more valuable: medical records. With the rise in cyberintrusions, patients, health care providers and insurers are at risk for data breaches. Almost half of the organizations in all industries were impacted by one or more security incidents in the last 12 months, according to a report by Experian. The company predicts health care may be one of the hardest hit in 2015. One of the reasons health care is in danger of breaches is the rise of malicious insiders who could commit medical identity theft.
Since the risk of medical identity theft could be greater in 2015, here are three ways to protect health care systems from insider breaches:
1. Evaluate Unusual Activity
When health care providers suspect that something is…
With the new tax season coming fast, taxpayers are concerned about the surge in identity theft cases. Last year, the Internal Revenue Service paid out an estimated $5.2 billion in fraudulent tax refunds, according to a report by the Government Accountability Office. As the government tries to combat identity theft and tax return fraud, consumers could take these steps to protect their identities:
1. Lock Your Mailbox
While you probably think most identity thieves strike online or over the phone, they are also known to target your mailbox. Using the information found in the mail, they could access your Social Security number or other sensitive data. During tax season, mailboxes may be especially vulnerable because employers send W-2s containing personal information that could be used for fraudulent tax returns. One of most basic precautions you can take is to lock your mailbox. This will prevent thieves…
While chip and PIN cards have been touted as a more secure alternative to cards with magnetic strips, the U.S. has been slow to adopt this technology. Now, with 2014 called the year of the data breach, the next year may see a surge in the use of chip and PIN cards with businesses learning from the mistakes of major retailers that have fallen victim to data breaches caused by stolen credit card and debit card information. Changes in 2014 could push the retail and financial services industry to implement greater data protection and make chip and PIN cards the new norm for everyday purchases.
Here are three reasons chip and PIN technology will be big in 2015:
Race to Meet Deadline to Upgrade POS Systems
With the rise in malware attacks against point-of-sale systems, retailers are turning to chip and PIN technology to prevent a…
With the devastating attack on Sony Pictures Entertainment that exposed corporate and personal information, IT security professionals are using the intrusion as a warning for companies to strengthen their data security. The attack on Sony Pictures revealed four unreleased movies online as well as the information of more than 47,000 current and former Sony workers and celebrities, The Wall Street Journal reported.
As the risk of cyberattacks worsens for companies holding sensitive information, firms should consider ways to improve their cybersecurity.
Here are three lessons to take away from the Sony Pictures hack:
1. Be Aware of the Information Stored in Databases
The Journal recommends that companies should have a full understanding of the kind of data that is stored in their systems. This can range from personal to financial data. The most important step is to track this data as it is in the system to…
During the holidays consumers are more giving and willing to open their wallets to spend on presents and donate to charity – something identity thieves are counting on. Thieves often prey on victims during the holidays through a variety of schemes to take their information and their money. Since the Grinch isn't the only one out to steal Christmas, consumers should protect themselves from the rise in scams this holiday season.
Here are five common scams to avoid during the holidays:
1. Santa Letter Scam
Although writing letters to Santa is one of the most innocent ways to celebrate the spirit of the season, identity thieves may use this opportunity to steal your information. The Santa letter scam uses a website claiming to write children a letter from Santa, but aims to steal personal information, according to the Better Business Bureau.
2. Malware-Infected Shopping Sites
Similar to the…
After a cyberattack on a U.S. motion picture firm, the U.S. Federal Bureau of Investigation is alerting businesses to the potential for more significant intrusions, Reuters reported. The warning comes after major data breaches caused by malware exposed the information of millions of Americans this year.
One of the latest attacks against Sony Pictures Entertainment resulted in new films being exposed on filesharing sites, which could lead to financial losses for the company, PC World reported. In addition to the FBI, the U.S. Department of Homeland Security is also investigating the breach on the California-based unit of Sony Corp. Similar attacks have been carried out in other countries, such as South Korea and Saudi Arabia.
The company said it is cooperating with law enforcement agencies after learning about the breach.
"The theft of Sony Pictures Entertainment content is a criminal matter, and we…
Black Friday is just ahead. But in the mad rush for fabulous deals—online and in stores—we still have concerns about how retailers protect our payment card data, according to a new survey from the Identity Theft Resource Center and IDT911. Here’s a quick snapshot of our love-hate relationship with holiday shopping online.
When it comes to personal data security, there’s no such thing as waiting ’til next year. That’s why the time is now to make resolutions about safeguarding your identity for 2015.
Here are five simple steps you can take even while viewing this article on your device: (more…)