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Risky Business – The Valuation of Data Breaches

Richard Pain | April 17, 2017
Without accurately calculating the cost of a cyber-attack, you will struggle invest enough in cyber-defences

Forgie also emphasises that cyber insurance is not a solution in itself, you cannot insure your way out of the problem. However cyber insurance can be a useful tool to transfer residual risk and can be a helpful factor in the case of regulatory negotiations and civil lawsuit settlements in the aftermath of a data breach.

Fortunately, there are several strategies that have been shown to manage the risk and mitigate the cost of a data breach, number one of which is reducing the mean time to identify a breach and the mean time to restore. You can view the other strategies in the graph below:

 

Mitigating cyber-risk

 

Based on this, Forgie's top recommendations include:

 

  • Hire a great CISO,
  • Ensure the Board and exec leadership is on board to drive a security first culture,
  • Utilize cyber insurance appropriately,
  • Adopt an assumption of breach posture,
  • Focus on minimising the time attackers are in your systems, specifically "dwell time", which is highly correlated to breach costs.
  • Ensure your CISO has great incident identification and response frameworks, processes and metrics in place.

You can learn more by watching Todd Forgie's full video presentation below.

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To meet other world-class experts like Todd Forgie, don't miss CLOUDSEC Singapore 2017, 22nd August 2017, Singapore. Click here to attend

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