Why CSID is One of the Six Breach Notification and Response Services that Matter Most

By | September 23rd, 2015|Business Security, Company News|

In Forrester Wave’s latest report, CSID was identified as one of the top breach notification and response service providers in the market. In the report, six companies were rated on a variety of skills and services, including strategy, offerings, and market presence.

CSID was announced as a strong performer in the space. We are proud to be a recognized leader of global identity protection and fraud detection technologies, tailored for businesses, employees, and consumers. Our products are designed to help safeguard individuals and enterprises, and range from credit monitoring and identity theft insurance provided under policies issued to CSID, to full-service restoration and proactive breach mitigation.

The market is constantly growing and fluctuating with each new breach, malware release, and privacy legislation debate. To remain ahead of changing trends and digital threats, CSID provides unique services to help companies and consumers mitigate their risk.

Identity Management Center
Our fully hosted and managed white label identity protection portal is a welcomed feature for companies. The IMC can be easily tailored to a company’s brand and style needs, and allows the company to have an unrivaled suite of identity protections services to market to their consumers. The management center is seamlessly connected to CSID’s technology suite, and includes enrollment, billing, product selection and migration, and alert and report generation.

Another service that CSID provides is CyberAgent, our proprietary technology that is designed to proactively detect sensitive stolen information and compromised data online. This feature is the only identity monitoring solution designed on an international level to help keep individuals and companies alert to all malicious global activity. CyberAgent provides consumers the ability to react quickly, and take added precautions to protect themselves if needed.

Social Media Monitoring
This fall we debuted CSID’s Social Media Monitoring, a new service that alerts social media users of privacy and reputational risks on any of the four major social networks – Facebook, Twitter, LinkedIn, and Instagram.

The service alerts a user of instances where they are sharing personal information via their social networks which may expose PII and put them at risk for identity theft. It can also alert users of content that was found within their social network profiles that may damage their reputational like foul language, sexual content, and drug and alcohol references.

These are just a few of the unique services that position CSID as a leader in the breach notification industry. To learn more about all our services and capabilities, please visit: csid.com.

Data Breaches Continue to Dominate 2015

By | September 11th, 2015|Breach, Business Security|

Last week Fortune.com claimed the “word” for 2015 was cybersecurity. It’s not too surprising, as headlines for the past two years have been fraught with news of big breaches and security hacks. Affected (and unaffected) companies are implementing new habits and establishing security standards to help mitigate their risk of being breached, while consumers attempt to recover and secure their personal information.

Data breaches plagued the United States in 2014. eBay was the largest breach last year, affecting roughly 145 million people. JPMorgan Chase and Home Depot combined exposed the personal information of 132 million people. Before the end of December, seven million other businesses were affected by breaches and hacks.

The Identity Theft Resource Center (ITRC) also weighed in on the cybersecurity conversation last week, revealing that as of September 1, there have been 533 data breaches this year. From these, more than 140 million records have been exposed. Compared to 2014, the number of breaches to date is exactly equal.

Of the 533 breaches, ITRC revealed some other interesting facts:

  • Business is the largest sector affected by this year’s incidents, making up 39.9 percent of the 2015 breaches. But, business has only exposed 0.7 percent of the records.
  • The medical and healthcare industry has exposed the majority of sensitive records, 109.7 million or 78.3 percent, and is the second largest affected market (34.8 percent).
  • The government and military sector is also responsible for a large chunk of records exposed, releasing more than 28 million records.
  • The remaining markets, education and banking/credit/finances, makes up the remaining areas, accounting for 17.9 percent of the breaches combined.

For the entire data breach summary, please visit ITRC’s website.

The cost of these breaches continues to swell. In a recent post, we discussed that the average cost of a data breach is now $3.8 million. Yet many companies feel the sting of cybercrime in a different area: reputation. Companies experience a severe loss of brand value and market image under these circumstances.

There are steps you can take to protect your business. Check out our previous blog post on the topic for tips to help secure your company: Safer Internet Day Recap: Top 5 Ways to Protect Your Business.

Do you have any additional insight or comments? Let us know on Facebook, Twitter or LinkedIn, and be sure to keep up with our Tumblr for up-to-date security news stories.

The Rising Cost of Data Breaches

By | August 20th, 2015|Breach, Business Security, Uncategorized|

Earlier this week, Target struck a deal with Visa to reimburse thousands of financial institutions around $67 million dollars for costs resulting from the company’s 2013 data breach. These costs included reissuing credit and debit cards and handling an increased number of customer inquiries. Target is expected to reach a similar deal with MasterCard.

Target’s Visa settlement is an interesting one. Historically, credit card companies and banks have considered reissuing cards and removing fraudulent transactions from consumer accounts a cost of doing business. This mentality is rapidly changing as high-profile, high-impact data breaches continue to occur.

Businesses are finding there is no escaping the increasing threat of data breaches and associated costs. A May 2015 Ponemon study found that the average cost of a data breach increased to $3.8 million this year, up from $3.5 million in 2014. These costs include the obvious ones – IT personnel to address the security flaw that led to the breach, hiring customer service representatives to address customer concerns, costs associated with notifying and providing identity protection to impacted individuals. There are also some not-so-obvious costs like lost revenue, class-action lawsuits and resignation of key employees.

It’s not all doom and gloom for businesses when it comes to data breaches. The same studies that look at the cost of data breaches have also found there are ways to minimize these costs:

  • The Ponemon study found a relationship between how quickly the business identifies and contains the breach and its financial consequences. The longer it takes a company to identity a breach, the more costly it will be to resolve.
  • Ponemon also found that business continuity management plays a key role in reducing the cost of a data breach. Having business continuity management involved in the remediation of the breach can reduce the cost of response by an average of $7.10 per compromised record.
  • Lost customer revenue is often the most severe financial consequence for a breached business. Businesses that plan ahead and have a clear customer response plan in place prior to being breached fare better than businesses that don’t. Identity protection should be a part of any customer response plan.

With the constant influx of new security threats and vulnerabilities, businesses need to be prepared to respond and address these threats and as data breach costs continue to rise, the stakes become even higher. Focusing on security, implementing business continuity management and having a breach response plan in place can take a bit of the edge off the financial sting of a breach.

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