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Facing the Information Security Hole in 2009:
The unacknowledged threat to our homeland and financial security
Every few days there is yet another breach of information security. And each breach seems to be The Biggest Ever, until the next one is announced.
It is now widely acknowledged by security experts from the federal government on down that the problem of data security breaches will get worse as the financial debacle worsens and companies cut spending and workers. Finally, there is growing awareness of one of the primary concerns of our team: it is inevitable that this compromised data will be used for terrorism.
As we talk with people interested in this issue, including security gurus, corporate governance and regulatory experts, privacy advocates, directors and officers, corporate lawyers, managers, and plaintiffs and class-action attorneys, we get a lot of questions about this cutting-edge subject. The answers help explain why the failure to secure information is a lurking national and global security threat, and the next shareholder derivative, director and officer liability, regulatory, consumer product safety, and class-action issue.
Why is an information security breach a potential national and global homeland security issue?
LW: Think about what data thieves do with stolen information. Data thieves drain your financial accounts, use your debit and credit cards fraudulently, use your identity and credit to open new accounts, create forged employment documents and other legal paperwork, and use your stolen identity to commit crimes and evade law enforcement. It is inevitable that some of this stolen information will be used to finance terrorism, and to create forged identities allowing terrorists to cross borders or access critical systems. This is what makes the current situation worse than even a global Enron and WorldCom fraud situation. Enron was, quote unquote, only about losing dollars. In the current meltdown, we are also losing data, on a massive scale that we have not even begun to grasp.
You said that an information security breach also creates potential class action, consumer product liability, shareholder derivative, D and O liability, and regulatory exposure. Explain.
LW: When companies have sensitive information and systems, they have certain obligations to protect that information. Those obligations are based on a variety of international, federal [link widoczny dla zalogowanych], and state laws; regulatory requirements and guidelines from government agencies; statements and representations made to shareholders, customers, consumers, and regulators; and agreements with customers, consumers, and other companies with which they do business.
When companies do not meet the requirements for information security, whether that shortcoming is willful or negligent, they have failed in their obligations to many stakeholders. Also [link widoczny dla zalogowanych], many of the statements made to these many stakeholders are Simply Not True.
You can think of a similar situation with an airline that has multiple safety requirements, and that represents to many stakeholders that it does certain things to meet these safety requirements. If that airline fails to meet the safety standards, whether through deliberate circumventing of the safety standards, or through carelessness, that company has a big problem with law enforcement [link widoczny dla zalogowanych], regulators, customers, share
Laura Wilson, Information-Security-Resources.com Corporate Liability Editor. Laura is a business consultant and an advocate for information security, consumer protection, long-term shareholder value, and better management decisions. Her specialty is finding and fixing risks and threats to sensitive data. Her experience includes international banking, credit card, and mortgage companies, venture capital portfolio companies, and software and technology providers. She practiced law in Silicon Valley during the tech boom and meltdown, handling corporate governance and information protection.