Data security summit finds that security measures produce results
At the recent InfraGard Cyber-Defense Summit, security experts discussed the most effective ways to defend against cybercriminals, says a report from eWEEK. The event provided insight about current threats facing companies and detailed strategies on how to prevent data security breaches.
According to the report, “some types of cybercrime, like identity theft and check and payment card fraud, have been declining since 2006,” said David Nelson, a specialist with the Federal Deposit Insurance Corporation's CyberFraud and Financial Crimes section. “The decline is partly a result of the improvements financial institutions have made in their security practices such as implementing new anti-fraud technology,” added Nelson.
The report adds that increased adoption of regulations like PCI-DSS and guidelines from the Federal Financial Institutions Examination Council have aided financial institutions in keeping their data security intact.
Keeping data secure can save organizations substantial sums of money. The Ponemon Institute’s cost of cybercrime study, which was released last month, found that the median expense of cybercrime for a benchmark sample of companies was $5.9 million per year. This figure represents a 56 percent increase from last year’s findings.