Anthem to settle data breach case for $115M | Commentary: How AI can be used to combat more sophisticated cyberattacks | Wells Fargo chief information security officer shares his formula for cybersecurity
June 26, 2017
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Health insurance company Anthem has agreed to pay $115 million to settle a class-action lawsuit over a data breach that led to the exposure and theft of about 80 million records in 2015, including client names, medical IDs, dates of birth, physical and email addresses, and Social Security numbers. US District Judge Lucy Koh is to hear the case in San Jose, Calif., on Aug. 17.
As cyberattacks become smarter and more advanced, organizations will need to bolster their cybersecurity defenses to include advanced tech such as artificial intelligence, writes Waqas Khan. Implementing AI and predictive analytics could change the landscape of cybersecurity, leaving experts with more time to focus on strategies for fighting back against attacks, Khan writes.
Wells Fargo Chief Information Security Officer Rich Baich has shared his strategy for determining how to proceed when faced with cyberthreats: Risk = vulnerabilities x threat x asset value. He also identified four types of cyberthreats that security professionals should know in order to decide the best ways to fight them.
The energy sector must act quickly to secure critical infrastructure against cybersecurity attacks, Aaron Hand writes. Such attacks cast a wide net, so noncore systems "can be collateral damage even if they're not the target specifically," says Indegy CEO Barak Perelman.
A group of 19 Democratic senators is urging President Donald Trump to have the Energy Department prioritize the security of the US electric grid against Russian hackers. Research indicates that Russia has used a cyberweapon to disrupt power in Ukraine, and the lawmakers want the White House to examine if it could be used against the US or if it already has been.
The average cyberattack costs companies millions of dollars, making chief information security officers and a plan for preventing and responding to attacks more important than ever, write Jeff John Roberts and Adam Lashinsky. Many attacks are made possible through human error, such as weak passwords and employees clicking on a malicious link or attachment.
Reports from Fitch Ratings and A.M. Best show that cyberinsurance policies generated $1.35 billion in direct written premiums last year, up 35% compared with 2015 premiums. Fifteen companies had about 83% of the cyberinsurance market share last year, the reports say.
A bill to give the staffs of small business development centers training on how to help small firms prevent cyberattacks has the backing of a bipartisan group of lawmakers that includes the chairmen of the House and Senate small business committees.