Equifax Data Breach: Stock Drops More Than Five Percent

Equifax announced today that it was hit by a cyber security incident, potentially impacting 143 million consumers in the U.S. According to the company’s press release, “criminals exploited a U.S. website application vulnerability to gain access to certain files.” The “information accessed primarily includes names, Social Security numbers, birth dates, addresses… [and] credit card numbers.” After news of the breach broke, Equifax’s stock price dropped five percent. This is directly in line with a recent Centrify-commissioned Ponemon study, which found this to be the historic average on Day One. Moreover, Equifax’s stock price dropped 13-14 percent the day after its breach…

IAM Best Practices to Reduce Your Attack Surface

When I read the 2017 Verizon data breach report, I couldn’t help but notice that it would be relatively easy to reduce an attack surface by implementing a few best practices. Granted, that might mean you will need to spend some money, but considering that a breach could cost you $15 Million or more, according to Ponemon, and considering that 81% of breaches involve a weak or stolen password, wouldn’t it make sense spending your money where it has the most impact? Organizations need to reduce their attack surface! Now before I share tips provided by Verizon and Centrify on how you…

Four Things You Don’t Know About Cybersecurity… That You Should

Ponemon Institute recently conducted a survey, sponsored by Centrify, designed to more deeply understand the current state of cybersecurity. The Impact of Data Breaches on Reputation & Share Value: A Study of U.S. Marketers, IT Practitioners and Consumers examines differing perspectives across a number of security topics. I’d like to focus on IT professionals at this time, as I believe the results are enlightening, to say the least. 43 Percent of IT practitioners said their organization had a data breach involving sensitive customer or business information in the past two years. This tells us that more than one in five organizations…

How are CFOs Affected By a Security Breach?

Centrify teamed up with security researcher Ponemon Institute to survey a large group of IT, information security, senior marketing and communication professionals as well as a healthy number of consumers. A key objective of the study was to get a handle on the financial impact of a cyber security breach on a typical organization. The bottom line (no pun intended) is that, the day the breach makes headlines: Your stock price will drop between an average of 3% to 7% when breach is announced You stand to lose a significant number of your customers You will see a corresponding loss…

Brexit Means Brexit … Means GDPR Compliance

The long-awaited negotiations governing the UK’s divorce from the EU officially began on 19 June, marking arguably the most important period in the country’s history since the Second World War. What follows remains to be seen, but given Brexit is now a reality, many UK organisations may be wondering/hoping whether this means they’ll be spared the sweeping new data protection regulation directed from Brussels. As the recent Queen’s Speech has again reminded us, there will be no such reprieve for UK organisations. Brexit means Brexit, and that means firms must accelerate their EU General Data Protection Regulation (GDPR) compliance plans…

Breaches Rank in Top Three Negative Impacts on Brand Reputation – Above CEO Scandal

A recent Ponemon Institute study set out to examine the attitudes and perspectives of three key stakeholder populations inside a business environment: Marketing practitioners, IT practitioners and consumers. A key objective of the Centrify-sponsored study was to understand the impact of a data breach on a company’s customers, stock price and overall brand reputation. Among the survey’s key findings: A data breach now outranks a scandal involving the CEO in terms of adverse impact on a company’s reputation. In fact, breaches ranked in the top three most negative events, following shoddy customer service and an environmental incident. Negative Affects on…

Cybersecurity Must Be Top of Mind in the C-Suite

Data security breaches are no longer just an IT problem—they’re a C-suite problem. By now this should be obvious to everyone. Today’s advanced hackers — including cybercriminals, nation states, hacktivists and malicious insiders—are perpetrating ever more targeted, dangerous and frequent attacks. And the cost of these attacks is growing fast. The average total cost of a breach was $4 million in 2016, up 29 percent since 2013. And yet security is still not top of mind in the C-suite. Too many CEOs still consider security breaches merely a cost of doing business — rather than a serious threat to their…

Infosecurity Europe 2017: Workplace Distraction Is a Major Security Risk, So What Can We Do About It?

From Yahoo to TalkTalk, and Wonga to Kmart, wherever you look today data breaches dominate the headlines. In fact, organisations are urged to assume it’s a case not of “if” but “when” they’re hit, and plan accordingly. The repercussions could be disastrous: a recent Centrify study revealed that on average share prices tumble 5% following a breach, with a third (31%) of customers discontinuing their relationship with the affected firm. But where do these breaches stem from? Human error has long been pegged as a major contributing factor, so we decided to take a snap poll of attendees at Infosecurity…

Time to Ditch Passwords: Taking the Centrify Message to Infosecurity Europe

London Olympia will again be the venue this week as experts from around the world flock to the capital for the annual Infosecurity Europe show. With over 13,000 visitors expected over the three days, this is one of the biggest industry events around. Centrify will be there on Stand C65 to share why we think our range of advanced identity services are the only way IT leaders can secure their hybrid enterprise against modern threats. Attendees also have a great opportunity to hear first-hand from customer Remy Cointreau on the challenges of becoming a more secure and agile organisation through…

Joining the Dots to Better Breach Prevention: A Centrify Roundtable

The volume and frequency of data breaches seem to have hit a new high in recent months. But away from the sensational headlines, do we really know what the impact of such incidents can be on the victim organisation’s reputation and bottom line? Centrify recently commissioned the Ponemon Institute to shine a light on exactly this area — interviewing CMOs, IT practitioners and customers — and uncovered some fascinating findings. Not only do UK firms on average see a lasting share price slump of 5% following a breach, but many IT and marketing professionals are profoundly divided –from each other…