A new study by the Ponemon Institute quantifies “The Impact of Data Breaches on Reputation and Share Value” and a new Gallup Poll finds that cybercrime tops America’s crime concerns. IT security experts commented below.
Atiq Raza, CEO at Virsec Systems:
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Ray DeMeo, Co-Founder and Chief Operating Officer at Virsec Systems:
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Lisa Baergen, APR, MCC, Marketing Director at NuData Security:
“Companies need to break past outdated notions. While internal departments debate responsibility, consumers and shareholders are holding the brand responsible – making it everyone’s problem. The tangible economic impacts of breaches will only grow. Moreover, hackers are no longer working away in a basement – cybercrime today is highly organized, well-funded, increasingly automated and extremely lucrative.
“The only way businesses can retain the trust of their customers and shareholders is by implementing a multi-layered authentication framework that incorporates new technologies that verify the person behind the device – based on user behaviors that can’t be mimicked. Advanced, continuous authentication that leverages consumer behavior identifiers strips the value from passwords, credentials, and SMS passwords that hackers seek. By using a behavioral layer, companies are able to spot an account takeover attempt in real-time even when the correct (yet stolen) credentials have been used.
“Every company with PII must advance its defense posture, and those who are ahead of the pack are most likely to survive and thrive, while those who move more slowly become the easiest prey – to hackers, and to investor and consumer sentiment.
“In today’s market, it’s survival of the fittest time.”
The opinions expressed in this post belongs to the individual contributors and do not necessarily reflect the views of Information Security Buzz.