In the News: US Federal Data Breach Legislation

March 8, 2021

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Data Breach Notification

The number of data breaches are going up AND they are increasing in severity. COVID only compounded the issue, paving the way for cyber criminals to target new victims in the healthcare industry, financial sector, remote workers as well as the unemployed.

Did You Know:

95% of cybersecurity breaches are caused by human error. (Cybint)
68% of business leaders feel their cybersecurity risks are increasing. (Accenture)
On average, only 5% of companies’ folders are properly protected. (Varonis)
Between January 1, 2005, and May 31, 2020, there have been 11,762 recorded breaches. (ID Theft Resource Center)
Confirmed data breaches in the healthcare industry increased by 58% in 2020. (Verizon)

COVID-19 is credited for a 238% rise in cyberattacks on banks in 2020. (Fintech News)
Americans lost more than $97.39 million to COVID-19 and stimulus check scams. (Atlasvpn)
Remote work has increased the average cost of a data breach by $137,000. (IBM)
47% of employees cited distraction as the reason for falling for a phishing scam while working from home. (Tessian)

So why talk about data breaches now?

Congress will be focusing on proposing and passing a National Data Breach Notification Law. To promote a more secure national cyber ecosystem, the Cyberspace Solarium Commission is recommending standardized data breach notification requirements in the United States that preempts the 54 existing state, district, and territorial data breach notification laws. Currently, a patchwork of varying protections litter the landscape. A national level framework would normalize customer expectations and provide regulatory certainty to businesses.

Congressman Jim Langevin is the chair of the newly formed Cyber, Innovative Technologies and Information Systems (CITI), a subcommittee under the Armed Services Committee. He is also the co-chair of the Congressional Cybersecurity Caucus and a member of the Cyberspace Solarium Commission—this legislation is on his radar.

Resources:

https://www.varonis.com/blog/cybersecurity-statistics/

https://www.defenseone.com/threats/2021/02/house-lawmakers-split-oversight-cyber-intel/171886/

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