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Category: Breach Costs

Top Data Breaches (That I Know About) Of 2012Team Shatter Exclusive

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As 2012 is coming to a close, it’s a good time to take a look back at some of the biggest and most interesting data breaches over the past year, to see how these attacks occurred, and how each organization was affected by the hack. The breaches from 2012 run the gamut, ranging from retail to government and from insurance companies to internet moguls. During 2012, we probably saw some of the most sophisticated and complex malware ever with Flame…

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Maine Construction Company And Bank Settle Dispute Over $345,000 Online Banking Heist

Posted November 27, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security with 0 comments
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A Maine construction company that sued its bank after losing $345,000 in an online banking heist has settled its dispute after a protracted legal battle that raised questions about the bank’s responsibility in protecting customer accounts against cyber fraud. The settlement between Patco Construction and People’s United Bank (formerly Ocean Bank) comes about four months after the U.S. Court of Appeals for the First Circuit faulted the bank’s security measures at the time of the theft and advised the two…

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Global Payments Pays Another $55 To $65 Million For March 2012 Data Breach

Posted October 2, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security, Finance and Banking, PCI with 0 comments
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Atlanta-based payment processor Global Payments expects to take a hit of another $55 to $65 million related to a data breach it sustained earlier this year. The incident, revealed in March, involved the exposure of 1.5 million credit and debit card numbers to hackers. Already, the company has announced the breach cost $84.4 million. Click for complete article >>

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State Of Utah Extends Deadline For Free Credit Monitoring For Breach Victims

Posted September 12, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security, Government (State) with 0 comments
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Utahns whose Social Security numbers were compromised last March when hackers broke into a poorly protected state server now have until Sept. 30 to register for free credit monitoring. The Utah Department of Health extended the deadline hoping to reach a greater share of breach victims. State officials have mailed letters, fielded questions on a 24-hour hotline and criss-crossed the state in an effort to alert the 780,000 Utahns whose personal information was put at risk. Of those, 255,000 had…

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Financial Fraud By Malicious Insiders Is Unsophisticated, Yet Costly

Posted August 3, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security, Finance and Banking with 0 comments
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Dramatic bank heists may make for good movies, but a sneakier class of thieves are taking a “low and slow” approach to stealing financial data that allows them to go undetected for long periods of time. According to a new report from Carnegie Mellon University’s Software Engineering Institute, malicious insiders within the financial industry typically get away with their fraud for nearly 32 months before being detected. For the report, the institute’s CERT Insider Threat Center examined 67 insider fraud…

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Breach Costs Credit Card Processing Agency, Global Payments, $84.4M

Posted July 27, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security, Finance and Banking with 0 comments
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Hoping to reassure customers and analysts as soon as possible, Global Payments has released a detailed statement about the data breach that it incurred months ago. The most important facts to know now is that Global Payments is asserting that the breach has been contained and only “Track 2″ data was at risk of being exposed. That means credit card numbers themselves, but not names, addresses and Social Security numbers. Click for complete article >>

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Alaska DHSS Fined $1.7M Over Data Breach

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The Alaska Department of Health and Social Services (DHSS) – the state’s Medicaid agency – has agreed to pay $1.7 million to the U.S. Department of Health and Human Services (HHS) to settle possible violations of the HIPAA Security Rule, making it the second largest settlement for HIPAA violations to date. As part of the settlement, the state has also agreed to take corrective action to properly safeguard the electronic personal health information (PHI) of their Medicaid beneficiaries. Click for…

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The Dirty Little Secret In The Life Of A CCO

Posted June 19, 2012 by Tim Whitman in Breach Costs, Data Breach, Database Security with 0 comments
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At many organizations, chief compliance officers (CCOs) conclude the price of achieving compliance is more than the expense of a regulatory fine. So they roll the dice, attempting to save money by forgoing serious compliance efforts, thinking they’ll simply absorb the fines for noncompliance if they’re ever caught. Unfortunately, that gamble is made on flawed assumptions: Most of these initial calculations are based on numbers that don’t figure in the long tail of cost incurred from noncompliance and data breaches….

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Bethpage Federal Credit Union Data Leak Costs The Organization $1-$2 Million To Remedy

Posted June 13, 2012 by Tim Whitman in Breach Costs, Data Breach, Database Security, Finance and Banking with 0 comments
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The limited personal and financial data of nearly 86,000 Bethpage Federal Credit Union members were erroneously posted for a month on the Internet by a former employee, but that has not resulted in any fraud, its president and chief operating officer told media outlets Tuesday. The announcement from Kirk Kordeleski, head of BFCU—the largest in the Northeast—accompanied letters, emails and phone calls to members regarding the leak, which is the first of its kind in the $4.8 billion credit union’s…

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More Data Breach Fallout, Expense For Utah Department Of Health

Posted May 17, 2012 by Tim Whitman in Breach Costs, Data Breach, Database Security, Health Care with 0 comments
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The state of Utah is hiring a public relations firm to handle “crisis communications” in the wake of a health data breach that put the personal information of 780,000 people at risk. The contract will be short-lived and will cost between $100,000 and $200,000, according to a solicitation published on May 11. It calls for building a communications plan to “rebuild trust with the public, specifically those who were directly impacted by the breach and those who rely on the…

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