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Holding Executives Accountable for Cybersecurity Failures

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The average cost of a data breach for companies surveyed has grown to $4 million, a 29% increase since 2013, with the per-record costs continuing to rise, according to the 2016 Ponemon Cost of a Data Breach Study, sponsored by IBM. The average cost hit $158 per record, but they are far more costly in highly regulated industries—in healthcare, for example, businesses are looking at $355 each, a full $100 more than in 2013. These incidents have grown in both volume and sophistication, with 64% more security incidents reported in 2015 than in 2014.

Ponemon wrote:

Leveraging an incident response team was the single biggest factor associated with reducing the cost of a data breach–saving companies nearly $400,000 on average (or $16 per record). In fact, response activities like incident forensics, communications, legal expenditures and regulatory mandates account for 59 percent of the cost of a data breach. Part of these high costs may be linked to the fact that 70 percent of U.S. security executives report they don’t have incident response plans in place.

With so much on the line, more and more companies and consumers continue to search for whom to hold accountable for cybersecurity failures, and the message is becoming clearer: executives need to get serious or watch out.

In a recent report from Bay Dynamics, “How Boards of Directors Really Feel About Cyber Security Reports,” board members expressed a surprising amount of confidence in their abilities to understand and act on cyberrisk threats and indicated there are real risks on the table for IT and security executives. Almost all of those surveyed said that some form of action will be taken should these executives not provide useful and actionable information, with 59% claiming there is a good chance one or more security executives would lose their job over such reporting failures.

More board members (26%) ranked cybersecurity risk as their highest corporate priority than any other risk, including financial, legal, regulatory and competitive risks, and 89% said they are “very involved” in making cybersecurity decisions.

Following the typical presentations from IT and security executives, more than three in five board members are both significantly or very “satisfied” (64%) and “inspired” (65%), but 32% are significantly or very “worried,” and 19% are significantly or very “confused” and “angry.”

According to the report:

Of the information provided to them during these presentations, the majority of board members (97%) say they know exactly what to do or have a good idea of what to do with the information. This statistic, however, does conflict with IT and security executives’ thoughts on the information they present. Based on our December 2015 survey, only 40% of IT and security executives believe the information they provide the board is actionable. There is a clear disconnect here between what the board perceives is actionable information, and what IT and security executives define as data that can be used to make informed decisions.

“IT and security executives are focusing on what they believe are the most impactful issues: a) forward-looking information about known vulnerabilities that could potentially harm the company in the future, b) specifics about data that was lost as a result of known infiltrations and data breaches, and c) the impact of these infiltrations and breaches,” Bay reports. “Interestingly, while information about how much is spent to address cyber risk is reported by IT and security executives in less than one-half of the companies surveyed, this was the most commonly cited information that board members said they needed to make investments for cyber risk planning and expenditures.”

Bay also pointed to a critical challenge in the education gap of many board members and the reliance upon information security executives: a large portion of the education board members have on infosec is from the organization’s IT and security executives, and “when the person education you on cybersecurity is the same individual tasted with measuring and reducing cyberrisk, there’s a fundamental disconnect.” It is extremely difficult for board members to understand what they are missing without education of their own and a third-party audit in place.

As cyberrisk continues to become a top enterprise risk priority, the consequences of failure may impact more of the C-suite than just chief information security officers or top IT executives. In May, following a social engineering fraud case that resulted in a wire transfer of 50 million euros, Austrian aircraft parts manufacturer FACC fired its chief executive of 17 years. Some regulators also want to start holding chief executives accountable in a way that truly speaks to them: their paychecks.

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According to a report from members of parliament on the British Culture, Media and Sport Select Committee, Britain’s status as the leading internet economy in the G20 is under threat from a combination of increasing reliance on digital infrastructure, and inadequate protection of it. To address the issue, they suggest that chief executives who fail to prevent cybersecurity breaches have a portion of their pay docked.

Such was the case with Baroness Harding, the chief executive of TalkTalk, Britain’s fourth-largest broadband provider, which suffered a high-profile cyberattack recently.

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Her performance bonus was slashed by more than a third as a result of the company’s security failings.

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“Companies must have robust strategies and processes in place, backed by adequate resources and clear lines of accountability, to stay one step ahead in a sophisticated and rapidly evolving environment,” said Jesse Norman, chairman of the committee. “Failure to prepare for or learn from cyber-attacks, and failure to inform and protect consumers, must draw sanctions serious enough to act as a real incentive and deterrent.”

Cyber Insurance Purchasing Up, But Breaches Felt in Prices and Limits

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NEW YORK—At yesterday’s Advisen Cyber Insights Conference, Zurich and Advisen released the fifth annual Advisen Cyber Survey of U.S. risk managers, finding a 9% acceleration in cyber liability insurance purchasing from 2014 to 2015. The firm has seen a 26% increase in the number of respondents who have coverage since the first survey in 2011.

Companies are taking cyberliability more seriously, Zurich reports, with the number of organizations developing data breach response plans up 10% from last year. What’s more, companies appear to be better recognizing the sheer amount of value at risk, with two-thirds of respondents saying they have either increased their policy limits or are considering doing so. While Zurich found that more organizations view information security as an organizational challenge rather than the purview of the IT department alone, and respondents said that boards and executive management are taking cyberrisk more seriously, those who have not yet obtained cyber coverage say it is because their superiors still do not see the need. There is also still a considerable difference in take-up rates among large corporations and small and mid-sized businesses, with Catherine Mulligan, senior vice president and national underwriting manager of specialty E&O, telling the audience there is an approximate 20-point spread between the groups.

“This year’s cyber survey shows that demand for coverage and higher limits has increased tremendously and we at Zurich have seen double digit growth year over year,” said Bryan Salvatore, president of specialty products for Zurich North America. “That is why we are heavily invested in identifying risks and delivering solutions and why we are committed to staying at the forefront of this issue.”

Marsh has also seen considerable growth in cyber liability insurance purchasing among its clients. According to the insurer’s new midyear cyber benchmarking report, the number of U.S.-based Marsh clients purchasing standalone cyber insurance increased 32% in the first half of 2015, up from 26% growth during this period in 2014. By sector, members of the education industry made up the biggest growth, with 155% more clients purchasing the coverage, followed by power and utilities with a 100% increase and manufacturing with a 76% increase. The healthcare sector remains Marsh’s largest buyer of cyber coverage, with 41% of all clients in this industry purchasing it by the end of the first half of 2015.

Cyber liability insurance growth rates

Sessions throughout the conference made clear that insurers—and the industry at large—are still struggling with what is also risk managers’ biggest challenge: data. Completely evaluating the true value at risk with cyber liability continues to elude both sides, although many new approaches and consultancy services are emerging. Further, the dearth of actuarial data not only compounds the challenges of the cyberrisk assessment process, but make it hard for the industry to set pricing and limits with confidence.

“It is hard for insurers to be prudent with cyber as risk managers often do not fully understand how to measure their exposure,” Mulligan said.

“Actuarial data is the Holy Grail of the cyberinsurance market: we’re all searching for it and it’s just not there,” said Bob Parisi, cyber product leader at Marsh, who moderated a session on the struggle to quantify and model cyberrisk.

In addition to the actuarial uncertainty, the considerable number of large losses over the past few years is continuing to push up the cost of cyber, forming what Willis executive vice president Peter Foster described as a “hot” market that will have to cool and solidify with time. Parisi chose to describe the market as “brittle” after absorbing several hundred million dollars in losses, and a range of insurers and brokers reported that premiums have increased dramatically as a result. The Marsh study found that price increases across industries averaged 19%, with 32% increases among retailers, the most frequently breached sector over the past few years.

cyber insurance limits purchased

While these breaches and better estimates of the real cost of cyber incidents have helped many companies realize they may be underinsuring for cyber liability, the move to correct this is getting more difficult. Insurers have said repeatedly that there is plenty of capacity in the cyberinsurance market and many buyers have increased the limits purchased, but higher limits of liability are increasingly hard to come by, and none really exist in excess of $100 million. Particularly for businesses that have yet to implement serious efforts to address information security, rate increases appear sure to continue, and simply buying more coverage will not only be unsustainable, but may not even be possible as insurers give more thought to the capacity they are willing to commit to these risks.

“There is just not enough capacity to extend $50 to $100 million limits to every account,” said Greg Vernaci, AIG’s head of cyber in the United States and Canada. “We are looking to reward those companies with a robust information security posture who go beyond and take a multifaceted approach to managing cyberrisk.”

Cyberbreach and Reputation Woes Hack Away at Bottom Line for 44% of Financial Firms

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According to the 2015 Makovsky Wall Street Reputation Study, released Thursday, 42% of U.S. consumers believe that failure to protect personal and financial information is the biggest threat to the reputation of the financial firms they use. What’s more, three-quarters of respondents said that the unauthorized access of their personal and financial information would likely lead them to take their business elsewhere. In fact, security of personal and financial information is much more important to customers compared to a financial services firm’s ethical responsibility to customers and the community (23%).

Executives from financial services firms seem to know this already: 83% agree that the ability to combat cyber threats and protect personal data will be one of the biggest issues in building reputation in the next year.

The study found that this trend is already having a very real impact: 44% of financial services companies report losing 20% or more of their business in the past year due to reputation and customer satisfaction issues. When asked to rank the issues that negatively affected their company’s reputation over the last 12 months, the top three “strongly agree” responses in 2015 from communications, marketing and investor relations executives at financial services firms were:

  • Financial performance (47%), up from 27% in 2014
  • Corporate governance (45%), up from 24% in 2014
  • Data breaches (42%), up from 24% in 2014

Earning consumer trust will take some extraordinary effort, as a seemingly constant stream of breaches in the news and personal experiences have clearly made customers more skeptical of data security across a range of industries. When asked which institution they trust more with their personal information and safeguarding privacy, today’s consumers ranked traditional financial institutions—including insurers—higher by a wide margin over new online providers, but a larger percentage of consumers do not trust any organization to be able to protect their data:

  • Bank/brokerage, insurance, or credit card company (33%)
  • U.S. Government (IRS, Social Security) or U.S. Postal Service (13%)
  • Current healthcare company (4%)
  • Online wallets (PayPal, Google Wallet, Apple Pay) (4%)
  • Retail chain or small businesses (4%)
  • All other (3%)
  • None of these organizations or companies can be trusted (39%)

 

Malware Threats from Unlicensed Software: The Critical First Step for Cyberrisk Management

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Waking up to find your company on the front page news and at the center of a data breach is every CEO’s worst nightmare—and for a number of businesses, it has become reality. Today, the threats from cybercrime are real and frightening, and the risks are extraordinary. Cybersecurity is an incredibly complex issue and business leaders are grappling with how to best protect their businesses, understand the new business vulnerabilities, and identify what steps they can take to protect themselves and their customers from becoming a victim of cybercrime.

There is a strong case for organizations to put protection from malware at the top of their risk agenda. In the past year, 43% of companies experienced a data breach. The average organization experiences a malware event every three minutes, and the costs of dealing with that malware can be astronomical. The International Data Corporation (IDC) estimates that enterprises spent $491 billion in 2014 as a result of malware associated with counterfeit and unlicensed software.

A threshold step to mitigating risk is gaining an understanding of your own network and if the software you are using is genuine and fully licensed. Unfortunately, many businesses are failing to take this basic and critical first step to protect themselves.

It has long been suspected that there is a connection between unlicensed software and cybersecurity threats. A new study commissioned by BSA | The Software Alliance and conducted by IDC confirms this as fact.

The study compared rates of unlicensed software installed on PCs with a measure of malware incidents on PCs across 81 countries. Given that 43% of the software installed on PCs globally in 2014 was unlicensed, it’s clear that many businesses are at risk. The findings were sobering. The correlation between the use of unlicensed software and malware is even higher than the correlations between education and income, or that between smoking and lung cancer. The implication for governments, enterprises and consumers is clear: assessing what is in your network and eliminating unlicensed software could help reduce the risk of cybersecurity incidents.

Fortunately there are proven best practices available to tackle the challenges around software licensing.  The world class standard for Software Asset Management is ISO/IEC 19770-1:2012.

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The importance of implementing internal controls for legal use of technology, including software, has become so critical that COSO now recommends it in its revised Internal Control – Integrated Framework.

While putting controls in place may sound simple, many businesses are missing this first step.

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Only 35% of companies have written policies requiring the use of properly licensed software. For CEOs, now is the time to start implementing best practices that will help mitigate security risks and avoid your business becoming tomorrow’s news headline. For more information on additional steps you can take, visit BSA’s website.

BSA Global Software Survey