Tech Forum event highlights data security for businesses

By Christi Milligan

Christi@DelawareBusinessTimes.com

More than 50 people attended Technology Forum of Delaware’s Data Security Event at Harry’s Savoy Grill on Wednesday, where attendees learned that nearly 70 percent of global cybercrime is targeted at small- and mid-size companies.

“Attackers really love the low hanging fruit, said moderator Greg Gurev founder and CEO of MySherpa. Gurev said that most hackers know that smaller companies have fewer safeguards than their larger counterparts.

Gurev was joined by a panel of professionals familiar with the financial and professional costs of data breaches.  James Sproat, an information security and services consultant at MySherpa, said that many companies are only concerned about “basic hygiene”  — the bare minimum of firewall and antivirus protection — but need to move toward a complete assessment of their IT operations that meet state compliance standards in protecting clients’ data.

Data protection should include a complete security assessment of internal and external operations to detect vulnerabilities and analyze threats before a security plan is formulated, said Sproat.

Three out of four breaches stem from human error, according to panelist Robert F. Sabol, vice president and risk management advisor at Lyons Companies. He added that cyber liability insurance offers coverage for everything from remediation to breach notification expenses, which can run more than $200 each and is enforced under the Delaware security notification breach law.

Breach notification is just one of several state privacy related laws designed to protect consumers. Carl N. Kunz III, a partner at Morris James said that more clients are looking for indemnity agreements and urged employers to create a culture of privacy.

“Until you know what you have, you have no idea when it’s gone,” said Kunz.

Tech Forum helps the region’s technology business leaders acquire the knowledge, relationships and resources needed to compete and succeed in a global economy.The next event is the 2015 Inspiring Women in STEM Conference, scheduled for Oct. 14.