Could You Be Accused of Lax Security?

Are You Confident in Your Current Cybersecurity Approach?

Does your current cybersecurity posture provide visibility to your entire infrastructure along with end-to-end, 24/7 monitoring to proactively hunt, detect, isolate, and neutralize threats? If not, your organization is vulnerable to cybersecurity attacks.

As cybersecurity incidents continue to surge in frequency and severity, increased focus has been put on the actions that companies are taking to prevent data breaches. The initial attack is no longer the only threat that a company can face if their security measures doesn’t stack-up, companies are now liable for the damages that customers may encounter as a result of the attack.

Approximately 30,000 new breaches occur every day, meaning the likelihood of a cybersecurity incident for a company is not a matter of “if” but “when”. Because of this, complacent approaches to cybersecurity are being deemed increasingly reckless by legal entities across the country. Refusing to frequently evaluate and improve your existing approach puts your entire infrastructure at risk of a breach and your company at risk of a lawsuit.

You are Liable for Damages to Customers as a Result of a Breach

Once sensitive personal data has been compromised, the risk of identity theft and fraud increases exponentially for those that are affected. Trying to restore the privacy of personal data once it has been compromised is like trying to un-ring a bell. The available solutions for affected individuals are complicated and costly to initiate and manage. In some cases, companies will offer security monitoring or other tools to affected customers as a means to offer a remedial solution – but it is not enough. Reactive behavior is no longer acceptable. Companies are now being held responsible for the potentially disastrous results of a data breach when their customers’ personal information is involved.

If a company fails to utilize adequate cybersecurity measures to protect sensitive data, they can – and WILL – be found liable for damages to their customers that result from a breach. Here is a list of recent class-action lawsuits against companies who failed to protect their customer data:

Zoom to Pay $85 million to settle "Zoombombing" lawsuit

Dozens sue Amazon's Ring after camera hack leads to threats and racial slurs

The First Wave of CCPA Class Action Litigation

The financial impact of a breach is surging – in fact, the cost of a data breach in 2021 has reached an all-time high at approximately $4.24 million. In addition to the initial cost of a breach, companies must also face the cost of remediation, class-action lawsuits, lasting damage to their brand reputation and the responsibility and cost of improving their cybersecurity approach to prevent further incidents.

Is Cybersecurity Insurance Enough?

As the frequency and severity of threats continue to evolve, insurers are adapting accordingly. Premiums are on the rise, as are the requirements that insurance underwriters mandate.

Now more than ever, cybersecurity insurance policies require customer diligence as part of their contract. This means that as a policy holder, your organization must proactively enlist necessary cybersecurity measures in order to qualify for insurance coverage.

What Is Necessary to Mitigate Risk of Liability?

Enhancing your cyber incident detection capabilities and response mechanisms are necessary in order to minimize the risk of personal data in your charge becoming compromised. Managed eXtended Detection & Response (MXDR) from Securus360 delivers a 24/7, proactive, cloud-native approach to manage a company’s cybersecurity posture by detecting and responding to malicious activities in networks and systems. By combining the industry's latest artificial intelligence and machine learning capabilities with human intelligence; in the form of cybersecurity analysts, Securus360 provides always-on monitoring, threat hunting, incident analysis and attack response that keeps your company safe.

Improving your cybersecurity posture may, at first sound daunting, but with the ever-increasing sophistication and frequency of attacks, it is an imperative step to take now in order to minimize or prevent a cyber event that can wreak havoc on your business. Securus360 is here to help. Schedule a demo and to learn more about how Managed eXtended Detection & Response (MXDR) from Securus360 can protect your organization.