DtSR Episode 165 - NewsCast for October 19th, 2015

In this episode...

• Standard & Poor's Adding Cybersecurity to Ratings
  • The headline
    • In a report issued this week, the rating agency says it could issue a downgrade before a cyberattack if a bank looked ill-prepared, or following a breach that causes significant damage to a bank's reputation or which leads to substantial monetary losses or legal damages.
  • Behind the curve? Stop.
    
    • Michael wrote about it this week - stop calling it gaps…
  • 16 questions… good start?
    • How long has it typically taken to detect a cyberattack?
    • What containment procedures are in place if the bank is breached?
    • How many times was the business the target of a high-level attack during the past year, and how far did it reach in the system?
    • What's the internal phishing success rate?
    • What kind of expertise about cyberattacks exists on the board of directors?
    • How much does the bank spend on cybersecurity, what resources does it devote, and what is the total tech budget this year versus last?
  • Including security in the ratings - and we’re crying?
  • Claim this leads to more insurance… how about that…
  • http://www.bankinfosecurity.com/sps-cybersecurity-warning-late-to-game-a-8556
• Crisis Services Top Insurers’ Cyber Claims Payouts; Average Claim at $674K
  • This is interesting; and it’s a good data point, too -- in contrast to the “costs” we hear about in briefings all the time.
  • Saw other stories that suggested the insurance is going to get jacked… of course they are.
  • More insurance, more insight, more claims, more data…. this is all good

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