By now everyone has heard of the infamous Sony security breaches. Not one, but two and now possibly three security breaches have happened in the span of about two months. Now, I know I have discussed the importance of cyber liability before. But maybe some business owners just need a Sony kick in the bum to really understand that it can happen to you.
Again, if you own a company or business that stores or transfers personal information of any level, you need cyber liability. In 2010, federal law introduced the requirement for credit monitoring following a data breach of any sort. Take for example a new bakery or small retail shop. Upon checkout, their customers are pointed towards Paypal. Down the line, Paypal has a security breach and the breach potentially could effect your customers. Even though your company isn't accepting the information, you're still initiating the transaction. Your business will be responsible for notifications and credit monitoring for each individual customer for an entire year. Cha-ching, Cha-ching, Cha-ching.....that's all I hear in my head.
I thought about this on a more personal level today. When was the last time I paid a bill online? Yesterday. When was the last time I bought something online? Last week. When was the last time I transferred money between bank accounts online? Today.
If I do most of my transactions online, what are all these companies doing to protect my information? Hopefully everyone is learning a little something from Sony...
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