CyberJudicata Weekly Debrief (4/27–5/1)
This week's Weekly Debrief covers interesting topics, including the cost to launch a cyberattack, LabCorp facing a lawsuit claiming failure to address security problems, cyber insurance coverage gaps, and COVID-19 privacy issues.
"Companies spend big to defend their networks and assets from cyber threats. Kaspersky Labs has found security budgets within enterprises average around $9 million per year. On top of that, data breaches cost companies millions of dollars. Yet, cheap, relatively easy-to-use off-the-shelf hacking tools make the barrier to entry for cybercriminals incredibly low."
"Investors have filed a lawsuit against LabCorp, claiming that the company's board failed to address security problems that led to financial losses. As reported by Bloomberg Law, LabCorp's chief executive, chief information officer, and chief financial officer are specifically named in the Delaware court case, which accuses them of ignoring "persistently deficient cybersecurity measures" that led to a data breach and malware infection."
"The majority of businesses are insured against traditional cyber risks, such as breaches of personal information, but most remain vulnerable to emerging risks, such as malware and ransomware, revealing a potential gap in their insurance coverage."
"Encouraging an open debate about the secondary use of data and the preservation of privacy must be central to any preparations for the inevitable second wave of the coronavirus pandemic and beyond, Dr Charles Alessi, chief clinical of officer of HIMSS, has said during a Public Policy Projects discussion, COVID-19 Planning for the Future."
"A group of Republican U.S. senators said Thursday they would introduce legislation to address consumer privacy concerns surrounding technology companies’ efforts to help build contact tracing apps to fight the new coronavirus outbreak."
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