Tougher Network Security Protection Could Save Organizations Millions

By Author: Apple Tan
Total Articles: 68
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Massive data breach could occur if organizations overlook their network security.  Email marketing services company Epsilon’s recent data breach could cost the company as much as $4 billion, according to a worst-case scenario outlined in a recent report.
The Epsilon breach may have affected 75 companies, or 3% of Epsilon’s customers. Further, CyberFactors conservatively estimated the number of affected e-mails in the Epsilon breach at 60 million.
According to CyberFactors, given that the compromised e-mail addresses could be used by phishers to gain access to sites that contain consumers’ personal information, the total cost of the Epsilon breach – including forensic audits and monitoring, fines, litigation and lost business for provider and customers – could eventually run as high as $3 billion to $4 billion.
Regina Clark, Research and Analytics Director for CyberFactors stated that “While the attractiveness of the cloud model is hard to refute, the economics of business risk for cloud providers and their customers can no longer be ignored”. She added, “With ...
... the cost of technology failures rising at an accelerated rate, the Epsilon event suggests a much more profound financial risk environment is now upon us. Cloud companies would be wise to think more like banks, insurance companies and hedge funds, and not just aggregators of the world’s precious data and technology dependencies.”
So far, the largest data breaches include up to 130 million credit card numbers stolen from Heartland Payment System in 2008, up to 100 million accounts from retailer TJX in 2005 and 2006, and more than 4.2 million credit and debit card number from the grocery chain Hannaford Bros. in 2008.
Meanwhile, Sony announced on April 26 that information from 77 million PlayStation Network user accounts could have been stolen, and added another 25 million compromised accounts to the list on May 2. The newly added accounts are on its online multiplayer division, Sony Online Entertainment (SOE).  Experts say hackers stole personal data, including credit and debit card information, in a complex attack that could cost Sony and credit card issuers $1 to $2 billion.
Recent data breaches have also had an impact on its customer’s loyalty and satisfaction. "The point is you took our money and didn't secure our credit card and personal data. I'm not even sure how you can possibly make up for that," said a post by a user under the name ‘rawstory’.
Some users said they would be unwilling to register their credit card details in future.  A PlayStation user under the name ‘leucoplast’ said, "Personally, I am never placing my CC (credit card) info in your hands again, and if I ever buy anything off the PSN (PlayStation Network) it will be through pre-paid cards."
Sony shares fell as much as 5 percent a few days ago as concerns mounted about the impact of the breach. Analysts said the leak would weigh on investor sentiment.  “At minimum, having to suspend the service, fix its problems and deal with the aftermath, looks set to cost (Sony) tens of billions of yen," said analyst Nobuo Kurahashi of Mizuho Investors Securities.
These report findings clearly point out that online attacks are becoming more common these days. The companies and organizations need to implement robust information security initiatives, including having a proficiently skilled IT security workforce, in order to avoid cyber attacks and security breaches. IT security professionals can increase their information security knowledge and skills by embarking on advanced and highly technical training programs. EC-Council has launched the Center of Advanced Security Training (CAST) to address the deficiency of technically proficient information security professionals.
CAST will provide advanced technical security training covering topics such as advanced penetration testing training, Digital Mobile Forensics, Cryptography, Advanced Network Defense, and advanced application security training, among others. These highly sought after and lab-intensive Information Security training courses will be offered at all EC-Council-hosted conferences and events, and through specially selected authorized training centres.

About EC-Council
The International Council of E-Commerce Consultants (EC-Council) is a member-based organization that certifies individuals in cybersecurity and e-commerce. It is the owner and developer of 20 security certifications, including Certified Ethical Hacker (CEH), Computer Hacking Forensics Investigator (CHFI) and Certified Security Analyst /Licensed Penetration Tester (ECSA/LPT). 
EC-Council’s Center for Advanced Security Training (CAST) was created to address the need for highly technical and advanced security training for information security professionals. CAST programs stand out from others thorough their extreme hands-on approach. CAST offer programs that cover important domains such as advanced penetration testing training, malware analysis, advanced social engineering, cryptography, digital forensics deep dive, and web application security training, among others.
EC-Council has trained over 90,000 security professionals and certified more than 40,000 members. Its certification programs are offered by over 450 training centers across 84 countries. These certifications are recognized worldwide and have received endorsements from various government agencies including the U.S. Department of Defense via DoD 8570.01-M, the Montgomery GI Bill, National Security Agency (NSA) and the Committee on National Security Systems (CNSS).