The company that owns the Nasdaq Stock Market over the weekend confirmed that its computer network had been hacked, according to a report in todayÃ¢â‚¬â„¢s Wall Street Journal.
An application called Directors Desk that allows corporate board members to share confidential documents was targeted. Nasdaq OMX issued a statement on the breach here.
According to the WSJ, the security issues with Nasdaq have triggered broader concerns:
People familiar with the Nasdaq case say that while the specifics of that hacking arenÃ¢â‚¬â„¢t particularly egregious in a world where corporate networks are attacked daily, the case has raised alarms in the government because of the potential implications of compromising Nasdaq, which runs one of the worldÃ¢â‚¬â„¢s most-important exchanges.Ã¢â‚¬
The incident highlights the fact thatÃ‚ network securityÃ‚ breaches remain a top threat facing businesses.
The WEF warned that the complexity of cyber security issues is still not well understood and its risks could be underestimated:
Cyber security encompasses online data and information security and critical information infrastructure breakdown, and ranges from petty online theft by disenfranchised youths to government-led provocations with potentially catastrophic consequences.Ã¢â‚¬
All of this reminds us of the potentially enormous liability facing businesses when a data breach occurs. Specialized cyber risk insurance coverage is a key purchase to help businesses manage this risk.