Breaches: Feeding Frenzy for Regulators
We can almost get a sense that some of the biggest category leaders in social media are becoming a real focal point for regulators. This as Forbesreport "U.S. Authorities Target Zuckerberg As Facebook 'Buries' Huge Instagram Password Breach."
We won't call out Facebookby name - since we do insurance not news reporting. But, some of the alleged infractions involve under-reporting of a 2016 Instagramdata breach involving 1.5 million usernames and passwords. Who stores passwords it text files, anyway?
As MSPoweruser.comreports"Facebook breaches users’ security yet again, this time it’s Instagram."
What's likely to come are two moves: We think regulators, like those at the Federal Trade Commission - which is already worried about data breaches - may force more CEO's under regulator scrutiny.
But, along with that, we expect to see regulation of data breaches to become one of the "hot buttons" as the country moves toward another presidential election. Populism is bound to pick up "big data breaches" at some point.
At the same time, the smaller, but potentially more costly (on a per user basis) medical breaches keep coming to light, as well.
Take, for example, the report "Physician-staffing firm email breachexposes 31000 patients' data.
Since this one potentially exposed personal medical datathe cost of compensation could be much higher. We've tracked claims recently in the vicinity of $300 per records for loss of medical record privacy. Between the IT costs, lawyers, regulators, and damages, this has the potential to be a $10-million dollar breach.
If those kind of numbers scare you, maybe its time to get hold of the Cyber-Armadaand have us conduct a free, no-obligation cyber insurance review, why not click hereand get started?