As those who attended the ICBA and ABA DC trips know, data breaches were a lively topic of conversation in meetings with our congressional delegation. It’s unfortunately only a matter of when the next major data breach will occur. In 2017, ICBA sued Equifax on behalf of the industry to require the credit bureau to cover losses incurred by banks. Last year, Equifax announced it cost their company almost $250 million.
State governments are also taking note and debating ideas on how to combat this problem. Today, the Wisconsin Legislative Reference Bureau put out a report titled Data Breaches: Risk, Recovery, and Regulation. The report is a systematic guide into the basics of breaches, why they happen, and how companies recover. Additionally, the author gives an overview of both federal and Wisconsin law enacted that deals with breaches.
Depending on the study you look at, the finance industry ranks second, third, fourth, or sixth in the industries most affected by breaches. Healthcare is the other sector consistently ranked at the top of the lists.
This publication is a good primer for those interested in IT security-related policy.
Read more at LRB.