Wave Systems Corp. (fka WAVXQ)

[Genz2]

Survey: Nearly one-third of breached companies reported job losses after data breach

https://www.scmagazine.com/home/news/survey-nearly-one-third-of-breached-companies-reported-job-losses-after-data-breach/

Nearly one-third of surveyed companies that experienced a data breach in the previous 12 months said the incident cost certain employees their jobs.

Conducted by Kaspersky Lab last March and April, the “Global Corporate IT Security Risks Survey” elicited responses from 5,878 businesses across 29 countries. Among this data set, 1,062 small-to-medium-sized businesses and 863 enterprises acknowledged suffering at least one data breach at some point in their history. As a consequence of these breaches, 325 SMBs (31 percent) and 267 enterprises (also 31 percent) had to lay off staff.

When such incidents occurred, senior IT security staffers were most commonly the ones given the pink slip, with 36 percent of SMBs and 45 of enterprises letting these employees go. The next most frequently fired employees were senior IT executives (33% of SMBs, 37% of enterprises) and senior non-IT staffers (29% of SMBs, 27% of enterprises).

Even C-level executives were not immune either, with 15 percent of SMBs and 24 percent of large enterprises dismissing these high-ranking officers following data loss. Such firings were most common in North America, where 32 percent of breaches resulted in a CEO, president or similar corporate leader getting the boot.

The survey exposed additional ramifications as well: 45 percent of SMBs and 47 percent of enterprises had to pay compensation to affected customers, while 27 percent of SMBs and 31 percent of enterprises were forced to pay penalties or fines. Additionally, more than a third of all breached businesses reported difficulties acquiring new customers following their respective incidents.

And the risk for further penalties could be even greater, considering that 61 percent of respondents said that next year they anticipate an increase in volume of sensitive customer data.

Additionally, 31 percent said they currently store data that is protected by the European Union’s strict GDPR regulations — and yet only 27 percent of this contingent said they have fully met GDPR’s requirements.

“While a data breach is devastating to a business as a whole, it can also have a very personal impact on people’s lives — whether they are customers or failed employees — so this is a reminder that cybersecurity has real-life implications and is in fact everyone’s concern,” said Dmitry Aleshin, VP of product marketing, Kaspersky Lab, in a company press release. “With data now traveling on devices and via the cloud, and with regulations like GDPR becoming enforceable, it’s vital that businesses pay even closer attention to their data protection strategies.”
=================================================================
More reason to use Wave VSC 2.0 (Better security at less than half the cost). Current employees on the C-level and in the IT department may want to read the press release below before they choose or continue with a given 2FA solution.
=================================================================
https://www.wavesys.com/products/wave-virtual-smart-card
=================================================================
Wave Announces 5-Year Master License Agreement for Virtual Smart Card 2.0 with Leading Global Financial Services Company

https://www.wavesys.com/buzz/pr/wave-announces-5-year-master-license-agreement-virtual-smart-card-20-leading-global

Wins competitive evaluation against market leader in two-factor authentication tokens.



Lee, MA -

December 17, 2015 -

Wave Systems Corp. (NASDAQ: WAVX) announces a five-year master licensing agreement (MLA) with a leading global corporation (as determined by the 2015 Fortune Global 500 List) for its Virtual Smart Card 2.0 solution. This MLA sets the terms and pricing for licenses and maintenance across the customer’s global organization and establishes it as their preferred two-factor authentication solution. Instead of one large license purchase for the entire organization, each of the customer’s subordinate divisions will make separate orders in accordance with the terms of this MLA.

The first purchase of 2,000 VSC 2.0 licenses under this agreement, when added to a previous purchase, completes the requirement for the customer’s global IT division. That division will now lead the internal effort to standardize the remaining 150,000+ endpoints within their organization with the new Wave VSC 2.0 solution. While there are no minimum order requirements under the agreement, discussions for additional orders are underway.

“Our five-year agreement with this customer is the first very large scale contract for VSC 2.0 and is an important milestone for Wave,” said Bill Solms, President and CEO of Wave Systems. “This customer is a major global financial services company and their standards for protecting their systems from unauthorized access and the integrity of their data are of the highest order. Wave had to pass a very rigorous technical and business review to win the competition. We believe that this client’s decision to choose Wave Virtual Smart Card 2.0 over their incumbent solution gives us tremendous credibility in the two-factor authentication market. We will remain engaged with this company in order to complete the additional sales and deployments in the months ahead.”

Wave Virtual Smart Card 2.0 is a tokenless, hardware-based, two-factor authentication solution that offers superior security at less than half the cost of comparable solutions. It is the industry’s only enterprise-grade virtual smart card management solution that works on Windows 7, 8 and 10. It also provides management support for the Microsoft Virtual Smart Card on Windows 8 and 10. Wave’s VSC solution emulates the functionality of physical smart cards or tokens, but offers greater convenience to users, significantly lower total cost of ownership, and a greatly reduced risk of unauthorized access.

Wave Virtual Smart Card 2.0 gives IT the ability to:
• Remotely create and delete virtual smart cards
• Provide help desk-assisted recovery
• Configure Passphrase and card policies
• View the status of virtual smart cards and enrolled certificates
• Generate reports for compliance
• Support virtual smart cards on laptops, tablets and desktops with both TPM 1.2 and TPM 2.0 security chips