MIDWEST CYBER
SECURITY ALLIANCE
The Midwest Cyber Security Alliance (MCSA) is a nonprofit, nonpartisan collaboration of individuals, businesses, government entities, and professional firms advocating for more effective cybersecurity solutions. MCSA's mission is data privacy and security through education, specifically cyber preparedness and security awareness. The organization is a meeting place for all cybersecurity stakeholders, in every industry, to collaborate on current cyber threats as well as cyber defenses and strategies, and we help information security and privacy professionals design and implement strong and effective cyber security programs.
WHY IS CYBER SECURITY CRITICAL TO AN ORGANIZATION?
According to the 2023 IBM Security / Ponemon Institute Cost of a Data Breach Report involving 533 organizations across 16 countries & geographic regions, and 17 industries:
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The average cost of a data breach in the US is $9.48M
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The healthcare sector's breaches cost an average of $10.93M
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82% of breaches involved data stored in the cloud
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Phishing was the initial attack vector in 16% of breaches; stolen or compromised credentials was the second most frequent initial attack vector at 15% of breaches
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24% of cyber attacks involved ransomware
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The average time to identify and contain a data breach is 277 days, but 328 days if the attack vector is from stolen or compromised credentials
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Those with substantial AI & automation investments saw shorter times to identify and contain breaches, and realized an average of $1.7M lower cost
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Excluding law enforcement in a ransomware attack led to $470,000 in additional costs
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Only 1/3 of data breaches were identified by the organization’s security teams and tools – usually it was another entity or the attacker that disclosed the breach
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51% of organizations increased security investments after a breach (Incident Response Plan development and testing were the most important investments)
To reduce the risk of cyber incidents, successful Information Security Programs involve a multidisciplinary team that includes Executive Leadership (CEO, CFO, COO, etc.), Risk Management, General Counsels, Security Officers, Privacy Officers, Compliance Officers, Human Resources, CIOs, and relationships with external agencies. Organizations should implement strong, risk-based security and privacy controls that evolve to reflect the changing threat landscape.
FOLEY'S STATE DATA BREACH NOTIFICATION LAWS CHART
A one-size-fits-all approach to breach notification will not suffice, as most state are responding with increasingly frequent and divergent changes to their statutes, creating challenges for compliance. Organizations must make it a priority to monitor these changes to prepare for and respond to data breaches. Download Foley’s State Data Breach Notification Laws Chart for a summary of basic state notification requirements that apply to entities who “own” data.
