Large corporations may be keeping cyberattacks a secret from investors and the public, according to the Securities and Exchange Commission (SEC). In October of last year, the agency released documentation that outlined the necessary measures corporations must take if they have been the target of an attack. The document outlined reporting procedures for such events, but the agency suspects that companies have not taken these requirements to heart for the sake of their businesses. Since October, a scant few corporations have followed the reporting procedures outlined by the SEC, despite…
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Demand for cyber insurance skyrockets following multiple high profile hacking attacks
Companies have been taking out hundreds of millions of dollars worth of cyber-insurance in order to help protect themselves after having witnessed the impact of a large number of high profile data attacks by hackers. Regardless of the fact that many policies still leave organizations vulnerable to claims, they are trying to gain the added protection of the insurance on top of their efforts to boost their other security efforts such as improved training for employee and human resource functions, and information technology practices. That said, some of the forms…
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