Report: No Slowdown in Sight for Data Breaches

 

Experian Data Breach Resolution, one of the first companies to develop products and services that address this critical issue, announces the availability of "2014 Data Breach Industry Forecast," a white paper outlining key trends companies should watch out for next year.

According to the paper, the number of data breaches both experienced and reported is expected to rise, with no signs of a slowdown. To help companies better understand this evolving landscape, Experian Data Breach Resolution looked at a few of the most significant issues affecting the industry. The commentary is beneficial for organizations defending their data and partners such as legal counsel and cyberinsurers that are vital components in data breach management.

"Over the past year, we have handled more breaches for clients than ever before, so it was an opportune time to share our perspective with the industry," says Michael Bruemmer, vice president at Experian Data Breach Resolution. "Data breaches will likely happen, so it is important that organizations keep abreast of the latest cybersecurity news and trends. This paper provides insight that professionals can consider as they tackle their data breach prevention and management plans."

Some of the data breach industry topics addressed in the white paper include the following:

• Health care breaches: opening the floodgates. With the addition of the Healthcare Insurance Marketplace, thousands of individuals will be introduced into the health care system and possibly increase the vulnerability of the already-susceptible health care industry. When combined with new HIPAA data breach compliance rules that require more notification, the health care industry is likely to make the most breach headlines in 2014.
• Will the cloud and big data equal big international breaches? International data breach response plans will be essential in 2014 as European Union regulations continue to take shape and be enforced based on where the customer lives rather than where the data is located. In response, organizations will begin looking for internationally savvy privacy attorneys to help guide them through the new regulations in foreign jurisdictions, as well as new ways to provide notification in many languages and locations.
• A surge in adoption of cyberinsurance. Currently, only one-third of companies have purchased cyberinsurance, which means significant growth potential to providers. As the industry evolves, rapid adoption is expected within the year. In turn, companies will likely benefit from more policy options.

Through continued dialogue and industry advancements, companies can become better prepared to mitigate the potential financial and reputational damage of a data breach. To access the full white paper, visit www.experian.com/data-breach/data-breach-industry-forecast.html.

Additional data breach resources, including webinars, white papers, and videos, can be found at www.experian.com/databreach.

Source: Experian Data Breach Resolution