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The Soft Costs of Identity Breaches

Posted March 8, 2011    Peter McCalister

I’ve been a loyal customer of Wells Fargo for over a decade. For lots of good reasons. Over the long President’s Day weekend was the first time I’ve received a call from them saying that one of the vendors I’ve paid recently has had a data breach and leaked my credit card information.

They didn’t tell me which vendor it was, but it was pretty easy to figure it out based on the fact that they verified every recent purchase up to the one I figured it was.

It got me thinking about the “soft” costs of data breaches. Whether the breach was an insider or hacker, it must have costs a good chunk of cash to call thousands of customers and re-issue a card to each one.

Meanwhile, the event capped off a series of events I experienced personally that verified that this particular vendor that leaked my credit card information just didn’t have their act together. This is my first time in recent memory actually being a victim of a data breach and I realized that I immediately associate a data leak with blatant incompetence.

Then, I wonder how/if Wells Fargo punished the vendor. For some companies, relationships – even more so than data – is the most valuable asset they have and data breaches can put a lot of different relationships at risk.

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Additional articles

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Stopping the Skeleton Key Trojan

Posted June 29, 2015    Robert Auch

Earlier this year Dell’s SecureWorks published an analysis of a malware they named “Skeleton Key”. This malware bypasses authentication for Active Directory users who have single-factor (password only) authentication. The “Skeleton Key” attack as documented by the SecureWorks CTU relies on several critical parts.

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On Demand Webinar: 10 Steps to Building an Effective Vulnerability Management Program

Posted June 26, 2015    BeyondTrust Software

In this on demand webinar, Cybersecurity Expert, Derek A.Smith will take you through his 10 steps for a successful vulnerability management program and how to get started now.

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Privileged Account Management – Another AH-HA in Cyber Security

Posted June 25, 2015    Nigel Hedges

I strongly believe that the Top 4 mitigation strategies don’t just simply apply to Australian organizations, it should be a global realization, a worldwide “ah ha!” for those still not quite understanding the importance here. Here’s a refresher (or intro) on the Top 4 mitigation strategies. Read on…

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