Fines & Judgement Data for Data Breaches Is Piling Up
British Airways hit with a $230 million fine under the EU’s GDPR regulations for a data breach. Uber fined $148 million by U.S. states for concealing a breach. And, of course, Equifax – which may ultimately pay out $700 million in fines, credit-monitoring fees and victim compensation. Meanwhile, the forecast is for more expensive regulation to come (see the California Consumer Privacy Act).
Clearly, any thorough analysis of cyber risk now requires accurate and timely data on losses from fines and judgments to truly account for the potential impacts of a breach or other confidentiality issue that could make your organization a target for regulators and plaintiff's attorneys.
Integration of Curated Fines & Judgment Data in RiskLens for Faster Risk Analysis
To meet this need, RiskLens has partnered with Advisen, a leading data collection agency in the legal and insurance field, to bring insights from the Advisen Cyber Data feed to the newly re-launched RiskLens Platform. On a quarterly basis, Fines & Judgements loss tables derived from Advisen data will be updated in the RiskLens platform to power financial analysis of common risk scenarios such as data breaches. Our loss tables were already derived using extensive proprietary data—the addition of the Advisen feed gives risk analysts even greater confidence that they are modeling the potential F&J losses based on real-world loss scenarios.
To create our new industry-leading Fines and Judgments loss tables, the RiskLens Data Science team developed proprietary processes to refine the raw data (more than 11,000 records going back 10 years), applying advanced machine learning to uncover fresh insights specific to types of database records (PCI, PII and PHI).
The end result is a level of granularity and clarity that’s a solid starting point for risk analysts to rapidly create their own loss estimates, optimized to their own business situation. Your company no longer needs to rely on guesstimates to estimate possible losses or build its own data science team to parse through raw data feeds from data providers. The RiskLens loss tables make the industry loss data readily available for data breach analyses.
Implementation of the Fines & Judgements loss tables is one step towards our goal of seamlessly integrating industry data into the RiskLens platform. Sign up today for a demo to see how RiskLens can help you rapidly quantify cyber risk.