retail data breach – Page 7 – InfoHive

Congress Has New Data Security Bill Moving. 5 Highlights.

Bipartisanship Lives. Last week a new data security bill was unvieled to create standardized requirements for data breach and security issues.

Co-sponsors of the bill:

Representative Marsha Blackburn (R-TN)
Representative Peter Welch (D-VT)
Both are members of the House Subcommittee on Commerce, Manufacturing, and Trade, and Blackburn also serves as Vice Chairman of the Energy and Comm…

43% of Companies had a Data Breach in 2014

The number of companies experiencing a data breach is increasing annually. In 2013 it was 33%. In 2014 it was 43%. Its a mix of retail and health care data breaches leading the increases.

More data breaches means more litigation.

SC Magazine for IT Security Professionals Posted by adminApril 2, 2015Posted inhealth care data, legal trend, legislative trend, retail data breach

Target Data Breach Settles. Who wins, besides the litigators?

Target will put $10 million into a fund to be used to pay its affected customer
- Customers with substantiated losses recover first
- Customers with no substantiated losses receive funds thereafter
$6.75 Million will go to the attorneys
How many people are eligible? 100,000,000. Yes, 100 million people.

Minneapolis Star Tribune

Financial Institution Sues Retailer Over Data Breach

An Illinois Credit Union has sued Kamart/Sears over a 2014 data breach because the retailers reaction to a data breach harmed financial institutions. Here’s why, note same thing can happen in Texas:

The financial institutions were required:
- to refund fraudulent charges
- respond to a higher volume of customer complaints, and
- increase fraud monitoring efforts
The financial institutions lost revenue
The retailers faile…

Attorneys General Push for Data Security Reforms

An April meeting of attorneys general will focus on data security issues. This comes in the wake of Connecticut AG forming a data privacy division and the attorneys general in NY, OR and WA recommending legislative changes to address data security.

Posted by adminMarch 24, 2015Posted indata privacy, health care data, legal trend, legislative trend, retail data breach, student data privacy

Lege Trend: Attorney General Forms Data Security Department

To handle data breach investigations and litigation, the Connecticut Attorney General created a Privacy and Data Security Department.

The Department emerged from a 2011 task force studying how the state can best address data breaches, and is staffed with a ” cross-disciplinary team of experts in health, finance and other disciplines.”

Westfair Communications

Legal Trend: Breach of Fiduciary Duties by Company Executives?

Do company executives breach their fiduciary duty by how they handle data security or in the methods of handling data breaches?

A lawfirm is investigating whether executives at Home Depot breached their fiduciary duty by failing to protect against the Home Depot data breach.

Market Watch

FTC: Poor Fit to Require Retailers & Banks to Follow Same Rules

The Federal Trade Commission issued a report saying its a bad idea to apply banking rules to retailers. 3 Reasons Why:

“burdensome to nonbanks”
“Retailers lack the authority over payment cards to maintain certain data security obligations”
“The FTC lacks the supervisory examination and resources to provide specific guidance and oversight that would be necessary to cover every nonbank business”

Posted by adminMarch 17, 2015Posted inbanking, data privacy, legislative trend, retail data breach

Silicon Valley Experts Talk Business Costs of Data Breaches

According to experts in Silicon Valley, data breach costs break down for business like this:

80% less than $1 million in direct costs and damages
15 % of breaches cost between $1 million and $20 million
5% cost more than $20 million to investigate, deal with and pay legal costs
Average Cost is $7Million
Only 8% of businesses are buying cyber insurance coverage

Posted by adminMarch 12, 2015Posted inbanking, data privacy, legislative trend, retail data breach

Montana Passes Data Security Bill

Montana empowered its attorney general office by requiring that it receive notice of any qualifying data breach. The Montana Attorney General opertes a consumer protection division that will seek to help affected Montanans.

Montana Standard