Journal ArticleDOI
Should Credit Card Issuers Reissue Cards in Response to a Data Breach?: Uncertainty and Transparency in Metrics for Data Security Policymaking
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TLDR
It is found that automatically reissuing cards may have lower social costs than the costs of waiting until fraud is attempted, although the range of results is considerably broad.Abstract:
When card data is exposed in a data breach but has not yet been used to attempt fraud, the overall social costs of that breach depend on whether the financial institutions that issued those cards immediately cancel them and issue new cards or instead wait until fraud is attempted. This article empirically investigates the social costs and benefits of those options. We use a parameterized model and Monte Carlo simulation to compare the cost of reissuing cards to the total expected cost of fraud if cards are not reissued. The ranges and distributions in our model are informed by publicly available information, from which we extrapolate estimates of the number of credit card records historically exposed in data breaches, the probability that a card exposed in a breach will be used for fraud, and the associated expected cost of existing-account credit card fraud. We find that automatically reissuing cards may have lower social costs than the costs of waiting until fraud is attempted, although the range of results is considerably broad.read more
Citations
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Journal ArticleDOI
Boosting algorithms for network intrusion detection: A comparative evaluation of Real AdaBoost, Gentle AdaBoost and Modest AdaBoost
TL;DR: A clear summary of the latest progress in the context of intrusion detection methods is prepared, a technical background on boosting is presented, and the ability of the three well-known boosting algorithms as IDSs is demonstrated by using five IDS public benchmark datasets.
Proceedings ArticleDOI
Measuring the changing cost of cybercrime
Ross Anderson,Chris Barton,Rainer Bölme,Richard Clayton,Carlos Gañán,Tom Grasso,Michael Levi,Tyler Moore,Marie Vasek +8 more
TL;DR: It would be economically rational to spend less in anticipation of cybercrime (on antivirus, rewalls, etc.) and more on response, and to be particularly bad at prosecuting criminals who operate infrastructure that other wrongdoers exploit.
Journal ArticleDOI
Political ideology moderates consumer response to brand crisis apologies for data breaches
Eugene Y. Chan,Mauricio Palmeira +1 more
TL;DR: It is reported that an apology for a data breach has little sway in conservatives' (vs. liberals') brand trust and purchase intentions and is the first to examine how consumers respond to a brand crisis apology based on their political ideology.
Journal ArticleDOI
Public Policy Issues and Technoethics in Marketing Research in the Digital Age
TL;DR: Understanding of the various public policy and ethical issues and addressing such issues by adopting proper initiatives will help companies convince customers, build effective customer relationships, and achieve business excellence.
Journal ArticleDOI
Authentication using Robust Primary PIN (Personal Identification Number), Multifactor Authentication for Credit Card Swipe and Online Transactions Security
TL;DR: A new scheme of Authentication using Primary PIN and Multifactor authentication to secure credit card transactions is illustrated.
References
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Book
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TL;DR: The Red River of the North basin of the Philippines was considered a part of the Louisiana Purchase by the United States Department of Commerce in the 1939 Census Atlas of the United Philippines as discussed by the authors.
Journal ArticleDOI
The economic cost of publicly announced information security breaches: empirical evidence from the stock market
TL;DR: Stock market participants appear to discriminate across types of breaches when assessing their economic impact on affected firms, consistent with the argument that the economic consequences of information security breaches vary according to the nature of the underlying assets affected by the breach.
Journal ArticleDOI
The Effect of Internet Security Breach Announcements on Market Value: Capital Market Reactions for Breached Firms and Internet Security Developers
TL;DR: In this article, the authors used market valuations to assess the impact of security breaches on the market value of breached firms and found that the security developers in the sample realized an average abnormal return of 1.36 percent during the two-day period after the announcement.
Proceedings Article
Is There a Cost to Privacy Breaches? An Event Study
TL;DR: It is shown that there exists a negative and statistically significant impact of data breaches on a company’s market value on the announcement day for the breach, and the cumulative effect increases in magnitudes over the day following the breach announcement, but then decreases and loses statistical significance.
Journal ArticleDOI
Quantifying the financial impact of IT security breaches
TL;DR: The key takeaway for corporate IT decision makers is that IT security breaches are extremely costly, and that the stock market has already factored in some level of optimal IT security investment by companies.