Don’t let embarrassment about a data breach cost you even more
Cyberthieves prey on human nature for even more profit. Company executives are reluctant to admit data breaches mainly for a simple embarrassment: in spite of knowing no security system is perfect, they promised to keep customers’ sensitive data safe. This non-disclosure becomes a two way threat and win-win situation for bad guys.
You hide the breach, and they can threaten to disclose it.
They wait to see if you report, if you opt not to report, then their disclosure exposes you to civil penalties.
Once they get money from the breach, they still sell the data and get more money, and they don’t have to worry about evading law enforcement.
The FBI this week warned about a “dramatic” increase in so-called “CEO fraud,” e-mail scams in which the attacker spoofs a message from the boss and tricks someone at the organization into wiring funds to the fraudsters.
The FBI estimates these scams have cost organizations more than $2.3 billion in losses over the past three years.
It has seen a 270% increase in identified victims and exposed losses from CEO scams.
Law enforcement globally has received complaints from victims in every U.S. state, and in at least 79 countries.
24By7Security, Inc. is a full service Cybersecurity strategy, implementation, operations and training firm. We provide Cybersecurity and compliance related services across all functions of the enterprise. Our services include CFPB/DFA, FIPA, FERPA, GLBA, HIPAA, PCI, SOX, and others.