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Cybersecurity

More Data is Necessary to Make Defending Against Security Breaches a Rational Cost-Benefit Calculation

Casey Ryan

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ARLINGTON, Virginia, June 18, 2017 – The key to defending against security breaches is collecting more data, said a University of Illinois at Chicago professor during a June 8 panel at the on the law and economics of privacy and data security.

Hosted at George Mason University here and moderated by Brenda Leong, director of strategy for the Future of Privacy Forum, the panel touched upon the often-overlooked issue of bringing cost-benefit analysis to the consideration of data security.

The two panelists were Robert Sloan, the Illinois professor, and Geoffrey Manne, executive director of the International Center for Law and Economics at GMU.

Companies don’t have to face liability for the many security breaches they face, said Sloan, who urged that businesses be responsible for their own cyber-security and that of their consumers.

Not much is being done by the medium to large companies, he said, adding that security employees are treated like they are just an extra cost that doesn’t bring revenue. The famous credit card breach by Target in 2013 is such an example.

With the chance of actually having a breach being around one-tenth of 1 percent, Sloan said, companies generally find it cost-effective not to focus on cyber-security.

“Not spending $10 million to ward off the $250 million storm is a very rational decision,” he said.

Therefore, the answer to limiting the impact of security breaches is to collect more data, he said. Although there is a cost to do security defense research, there is often not enough data to actually defend against security breaches.

(Photograph by Casey Ryan)

Cybersecurity

Encryption Technologies Central to Debate About Online Free Speech, Say CDT-Charles Koch Event Panelists

Liana Sowa

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Screenshot from the first webinar of the series, on Monday

ARLINGTON, Virginia, June 18, 2017 – The key to defending against security breaches is collecting more data, said a University of Illinois at Chicago professor during a June 8 panel at the on the law and economics of privacy and data security.

Hosted at George Mason University here and moderated by Brenda Leong, director of strategy for the Future of Privacy Forum, the panel touched upon the often-overlooked issue of bringing cost-benefit analysis to the consideration of data security.

The two panelists were Robert Sloan, the Illinois professor, and Geoffrey Manne, executive director of the International Center for Law and Economics at GMU.

Companies don’t have to face liability for the many security breaches they face, said Sloan, who urged that businesses be responsible for their own cyber-security and that of their consumers.

Not much is being done by the medium to large companies, he said, adding that security employees are treated like they are just an extra cost that doesn’t bring revenue. The famous credit card breach by Target in 2013 is such an example.

With the chance of actually having a breach being around one-tenth of 1 percent, Sloan said, companies generally find it cost-effective not to focus on cyber-security.

“Not spending $10 million to ward off the $250 million storm is a very rational decision,” he said.

Therefore, the answer to limiting the impact of security breaches is to collect more data, he said. Although there is a cost to do security defense research, there is often not enough data to actually defend against security breaches.

(Photograph by Casey Ryan)

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Cybersecurity

President-Elect Joe Biden Must Reinforce Democracy in a Digital Age, Say Cybersecurity Experts

Tim White

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on

Screenshot from the webinar

ARLINGTON, Virginia, June 18, 2017 – The key to defending against security breaches is collecting more data, said a University of Illinois at Chicago professor during a June 8 panel at the on the law and economics of privacy and data security.

Hosted at George Mason University here and moderated by Brenda Leong, director of strategy for the Future of Privacy Forum, the panel touched upon the often-overlooked issue of bringing cost-benefit analysis to the consideration of data security.

The two panelists were Robert Sloan, the Illinois professor, and Geoffrey Manne, executive director of the International Center for Law and Economics at GMU.

Companies don’t have to face liability for the many security breaches they face, said Sloan, who urged that businesses be responsible for their own cyber-security and that of their consumers.

Not much is being done by the medium to large companies, he said, adding that security employees are treated like they are just an extra cost that doesn’t bring revenue. The famous credit card breach by Target in 2013 is such an example.

With the chance of actually having a breach being around one-tenth of 1 percent, Sloan said, companies generally find it cost-effective not to focus on cyber-security.

“Not spending $10 million to ward off the $250 million storm is a very rational decision,” he said.

Therefore, the answer to limiting the impact of security breaches is to collect more data, he said. Although there is a cost to do security defense research, there is often not enough data to actually defend against security breaches.

(Photograph by Casey Ryan)

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Cybersecurity

Continuing Pandemic is Causing Broadband Operators to Adjust to New Cybersecurity Landscape

Jericho Casper

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Photo of Matt Krueger, vice president of product management at Shentel

ARLINGTON, Virginia, June 18, 2017 – The key to defending against security breaches is collecting more data, said a University of Illinois at Chicago professor during a June 8 panel at the on the law and economics of privacy and data security.

Hosted at George Mason University here and moderated by Brenda Leong, director of strategy for the Future of Privacy Forum, the panel touched upon the often-overlooked issue of bringing cost-benefit analysis to the consideration of data security.

The two panelists were Robert Sloan, the Illinois professor, and Geoffrey Manne, executive director of the International Center for Law and Economics at GMU.

Companies don’t have to face liability for the many security breaches they face, said Sloan, who urged that businesses be responsible for their own cyber-security and that of their consumers.

Not much is being done by the medium to large companies, he said, adding that security employees are treated like they are just an extra cost that doesn’t bring revenue. The famous credit card breach by Target in 2013 is such an example.

With the chance of actually having a breach being around one-tenth of 1 percent, Sloan said, companies generally find it cost-effective not to focus on cyber-security.

“Not spending $10 million to ward off the $250 million storm is a very rational decision,” he said.

Therefore, the answer to limiting the impact of security breaches is to collect more data, he said. Although there is a cost to do security defense research, there is often not enough data to actually defend against security breaches.

(Photograph by Casey Ryan)

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