Los Angeles, March 3 - Accordingto ContingenZ Corporation, recent security and privacy breaches inthe financial sector are leading consumers and regulators alike toinvestigate whether or not the affected companies institutedprotection measures as claimed and to question whether incidents aretaken seriously enough.
Michael Miora, CISSP-ISSMP, FBCI, anacclaimed expert on incident management and risk reduction, and aprevious honoree of Entrepreneur and other magazines, explains, "Itis not possible or reasonable to expect that security and privacyprotections will be successful 100% of the time. Therefore, it isimperative for a company to plan how it will mitigate the scope of abreach and react quickly to eliminate the exploited vulnerability.The time for this planning is before an incident occurs, notafterwards."
According to Miora, "Poorplanning efforts that result in inadequate incident response canexacerbate the effects of the incident and affect the company’sreputation even more than the incident itself."
As an example, there was arecent compromise of information held by Georgia-based ChoicePoint,a company which, according to ConsumerAffairs.com andInformationWeek, keeps a massive database of personal information onvirtually every American, including information about who we are,what we own, what we owe and even where we go. ChoicePoint initiallyreported a compromise had put 35,000 California residents at riskfor identity theft. It wasn’t until later that the company admittedthat nearly 145,000 individuals were affected.
Senate Judiciary CommitteeChairman Sen. Arlen Specter then announced that the Committee willinvestigate ChoicePoint and this breach. Miora claims that a properincident management and response capability that mitigated the riskand provided a faster and better response may have precluded thisinvestigation.
ContingenZ Corporation (http://www.contingenz.net) provides Incident Management, Information Security and Privacyconsulting services to Global 2000 companies to help them evaluatetheir vulnerabilities and protect themselves against incidentsranging from terrorism to hackers or natural disasters. ContingenZis also the maker of IMCD™, the automated tool for building a fullycustomized Incident Management Plan for small to mid-sizedbusinesses. More information about IMCD™ is available at http://www.contingenz.net/imcd.php.
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ContingenZ Corporation