Mimimizing the Cost of a Data Breach
How much does it cost to recover from a system breach? The Ponemon Institute just released the Second Annual Cost of Cyber Crime Study with an almost $6 million price tag for the median annualized cost of a breach. We also recently learned that EMC has spent $66 million recovering from the breach of SecurID technology in March.
Certainly the number and severity of data breaches and hacking attempts have increased. The Chronology of Data Breaches counts 33 hacks against government agencies and NGOs in all of 2010, but in the first half of 2011 there have already been 23. What are the options available to agencies and enterprises trying to limit the increasing risks of data breaches?
Security experts call for layered security measures to counteract increasingly sophisticated hackers. While a system may never be 100% hacker-proof, steps can be taken to minimize your risk. We’ve spoken about defense in depth before, but the best defense is knowing who your users are and being able to follow transactions within your networks.
Verifying your users’ identities doesn’t have to mean an expensive, time-consuming in-person check of their IDs. It can be done remotely based on top-of-mind questions from multiple data sources that are intuitive for the valid user while being presented in a way that is difficult for fraudsters to research and defeat. Once your users are identified, strong authentication means that you know it is the same user coming back and that you can keep track of them as they log in and out of the system.
Contact our specialists for more information about how to guard against hackers with strong identity proofing and risk-based authentication solutions.
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