Tag: Cyber Breach

Florida Information Protection Act of 2014 and the Impact on Your Business

Florida legislature unanimously passed the Florida Information Protection Act of 2014 (FIPA) on April 30, 2014. The new bill requires specified entities to take reasonable measures to protect and secure data containing personal information in electronic form and for them to notify individuals of data security breaches within 30 days of the occurrence. This bill went into effective on July 1, 2014.  Understanding the changes and how it impacts your business is vital.

Due to increasing frequency of cyber security breaches, this statute became a necessity for the state legislature to address the growing concern. Last year alone, corporations experienced a 15 percent increase in average data breach costs – totaling about $3.5 million. The most common, not to mention most costly, type of data breach is a malicious insider or criminal attack.

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Cyber Risk Landscape: What is it? Who is Targeted?
Cyber Risk Landscape: What is it? Who is Targeted?

Since 2010, over 2,400 cyber-attacks have been reported in the United States exposing 382 million private records. 2013 was one of the worst recorded years for cybersecurity and 2014 is on track to surpass it; the overpowering number of attacks has increased momentum among insurance providers and legislators to produce more substantial safety measures.

Recent attacks affected well-known organizations such as JPMorgan, Target, eBay, NATO, Adobe, Neiman Marcus, and many more. In April 2014 many companies were affected by the Heartbleed Bug, though only a fraction reported lost records until this month when it was reported that Community Health Systems suffered a breach that may have affected as many as 4.5 million patients.

For the first time ever, cybercrime has moved into the top 10 global business risks. According to a recent study that analyzed published data, business organizations accounted for 84% of records exposed by cyber-attacks, followed by medical and healthcare organizations at 9.6%.

cyber breach percentages of business

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