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Post-Breach Costs And Impact Can Last Years
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andrew_hay
100%
0%
andrew_hay,
User Rank: Author
1/26/2016 | 10:56:30 PM
Too small a sample size

"The survey sample began with 10 telephone interviews, which were followed by a 30-question survey taken by 59 participants involved in quantifying losses and responding to breaches of sensitive information. Of those, 26 experienced true breaches and finished the survey questions."

So the n value is 26? That is far too small a sample to draw any conclusions from. For example:

"Well over half of the survey respondents (64%) reported that the breach they described did not receive media attention."

The percentage sounds significant but it's really only 16 or 17 people.

RyanSepe
50%
50%
RyanSepe,
User Rank: Ninja
1/27/2016 | 8:22:47 AM
Re: Too small a sample size
That's a very good point. A study is further validated by the quantity of results. A more accurate percentage can be drawn and metrics extracted from a myriad of results.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
1/28/2016 | 10:28:01 AM
Re: Too small a sample size
I agree. Numbers may not be so reliable but it is still a number that was not randomly chosen. :--))
RyanSepe
50%
50%
RyanSepe,
User Rank: Ninja
1/27/2016 | 8:25:27 AM
Brand Reputation
Brand Reputation can be a killer when it comes to costs from a breach, even more so than the up front cost of that breach. If you lose the confidence of your customer/client, your competitor may get the jump on you.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
1/28/2016 | 10:30:49 AM
Re: Brand Reputation
Survey responders are generally not high in any surveys. This is the case in the other surveys results we have been seeing or hearing. Including political parties.
RyanSepe
50%
50%
RyanSepe,
User Rank: Ninja
1/28/2016 | 10:33:07 AM
Re: Brand Reputation
Could you elaborate on your statement? Do you mean not high in count? I fail to see if this is the case how one could create accurate assumptions.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
1/28/2016 | 10:32:54 AM
Re: Brand Reputation
"Brand Reputation can be a killer ..."

Completely agree. Unless you do PR well enough that may simply be end of the brand.
RyanSepe
50%
50%
RyanSepe,
User Rank: Ninja
1/28/2016 | 10:36:54 AM
Re: Brand Reputation
@Dr. T (10:32:54). Precisely, its amazing how an event such as a breach can tank sales. But very understandable...once you discover the logistics behind some breaches occur simply because of a lack of security best practices such as updating software that may be EOL, patching consistently, or overlooking other simple principles.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
1/28/2016 | 10:25:56 AM
Prestige
Main impact is on prestige of the company, that is basically long lasting situation, people would not forget for long period of time. At the same time while we will never forget Target for example we will continue to shop there. :--))
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
1/28/2016 | 10:33:36 AM
Cyber insurance?
 

When we start insure our inability to secure ourselves that simply means everting will be unnecessarily expensive. Insurance industry is never a good thing for everyday individuals.
RyanSepe
50%
50%
RyanSepe,
User Rank: Ninja
1/28/2016 | 10:39:14 AM
Re: Cyber insurance?
@Dr. T (10:33:36) I agree that relying on cyber insurance to heavily can be a hindrance however not having a basic policy for cyber insurance may also be detrimental. You need to way the cost of potential data loss against the policy you wish to acquire and what you are covered for. You don't want to pay more in the long run for an insurance policy than you stand to lose in a data breach.


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