If you need one more reason to take additional steps to prevent health information breaches, here's something to consider. An attorney argues that if breaches, and their high costs, are not brought under control, "I think where we are headed is to an insurance crisis."
Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
Some organizations hesitate to involve law enforcement in their breach investigations for fear that exposing the hack would cost them their reputations and money. A Justice Department contingent tells a gathering of lawyers why that impression is wrong.
Despite improvement in organizations' abilities to plan for and predict disasters, they still lack an effective response. In fact, the biggest gap in business continuity today is understanding, says Lyndon Bird, director at the Business Continuity Institute.
It's clear that major data breaches have become not just a topic of mainstream news, but they're occurring with such frequency and potential devastation that they're almost deserving of a 24-hour news desk.
Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.