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CPA Info

Eight Thousand Clients Affected by Data Breach at Two Massachusetts Accounting Firms

Two Massachusetts accounting firms separately recently notified the Office of the Massachusetts Attorney General and the Office of Consumer Affairs and Business Regulation of data breach incidents at their firms, resulting in the unauthorized access of their respective clients’ names, addresses and Social Security numbers.

The first accounting firm, King McNamara Moriarty LLP (KMM) discovered a malicious file on its network which may have affected the personal information of almost 6,000 Massachusetts residents. The file was discovered by the firm after the conclusion of an independent forensic investigation due to an earlier suspected “malicious hacking incident.” The discovery prompted the accounting firm to engage another forensic firm who investigated and removed the malicious file. The second accounting firm, M. Stanley Metz & Co. Inc., reported potential unauthorized access to the firm’s client tax return program, which may have affected the personal information of 2,337 Massachusetts residents. Affected clients at both firms were offered free credit and identity monitoring.

 

IBM Pokemon Inst. Survey 2018

Global study at a glance – summary

  • Average total cost of a data breach: $3.86 million
  • Average total one-year cost increase: 6.4%
  • Average cost per lost or stolen record: $148
  • One-year increase in per capita cost: 4.8%
  • Likelihood of a recurring material breach over the next two years: 27.9%
  • The average global probability of a material breach3 in the next 24 months is 27.9 percent, an increase over last year’s 27.7 percent
  • Average cost savings with an Incident Response team: $14 per record
  • The mean time to identify (MTTI) was 197 days
  • The mean time to contain (MTTC) was 69 days
  • Companies that contained a breach in less than 30 days saved over $1 million vs. those that took more than 30 days to resolve
  • The faster a data breach can be identified and contained, the lower the costs.
  • Incident response teams and the extensive use of encryption reduce costs.
  • The loss of customer trust has serious financial consequences.
  • Incident response teams and the extensive use of encryption result in the greatest decrease in the per capita cost.

Read the full article here – https://www.dataprivacyandsecurityinsider.com/2017/04/eight-thousand-clients-affected-by-data-breach-at-two-massachusetts-accounting-firms/
BY KATHLEEN PORTER ON APRIL 27, 2017 POSTED IN DATA BREACH

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