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The Impact of Security Incidents on Business

I have been interested for several years about the impact of security incidents and privacy breaches on business.  The Ponemon institute has done quite a bit of research on privacy, and last year did one specific to business impact.  I've created over the years my own business impact tool based upon my researh and work with several different companies who have experienced breaches; it contains even more types of costs that the companies experienced than the Ponemon research identified.  It would be interesting for the insurance companies that businesses use for their own liability and E&O insurance to keep track of these numbers.  Such information would not only provide some good information to start more accurately keeping track of incidents than the current hit-or-miss subjective surveys and guessing, but it could also form the basis for some nice actuarial tables to apply within cybersecurity insurance.

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Posted by Rebecca Herold on February 13, 2006 7:13 PM |

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Rebecca Herold's Bio:

Rebecca Herold,CISSP, CIPP, CISM, CISA, FLMI, has been providing information security, privacy and regulatory assistance and services to organizations from a wide range of industries for over 18 years. Rebecca was instrumental in building the information security and privacy program while at Principal Financial Group, which was awarded the CSI Information Security Program of the Year Award in 1998. IT Security ranked Rebecca as one of the top 59 IT security influencers, and Computerworld put Rebecca their list of the 25 top privacy experts and on their list of the 9 best privacy consulting firms. Rebecca has been CPO for two consulting organizations, and has had her own information privacy, security and compliance business since 2004. Rebecca has written chapters for several books, dozens of articles, and has been writing a monthly privacy column for the CSI Alert newsletter since the beginning of 2001, and is working on her 11th book. Some of her other books include The Privacy Papers, Managing an Information Security and Privacy Awareness and Training Program, The Definitive Guide to Security Inside the Perimeter (Realtime Publishers), The Shortcut Guide to Improving IT Service Support through ITIL (Realtime Publishers), and The Practical Guide to HIPAA Privacy and Security Compliance. In addition, Rebecca is the leader of The Realtime IT Compliance Community where she posts to her IT Compliance weblog. You can contact Rebecca at: rebecca_herold@realtimepublishers.net.