Protect Your Data With Cyber Insurance. It’s An Essential.
In today’s world, cybersecurity is more than protecting against online predators looking to steal personal information. While that’s a critical aspect of cyber insurance, this fast-moving market has escalated in importance during the last year as most of us leverage mobile, internet-connected devices to do everything from transferring financial data to paying bills.
In 2020, we saw an increased frequency of cyberattacks. According to Cyber Security Organization (CSO), 63 percent of companies said their data was potentially compromised due to a security breach.
The most common causes of data breach, based on a Cyber Observer report:
- Weak Passwords
- Back Doors
- App Vulnerabilities
- Social Engineering
- Too Many Permissions
- Insider Threats
- Improper Configuration
- User Error
In fact, errors and omissions breaches doubled from 2019 to 2020. Ransomware attacks increased by 486 percent from 2018 through 2020. Some business owners are dealing with eight-figure ransomware lawsuits.
Every 39 seconds, a cyberattack occurs, according to a Clark School study at the University of Maryland.
With remote work, the risks are even greater, creating a heightened need to protect personally identifiable information (PII). And as more industries go paperless, including construction and trucking, it creates new opportunities for hackers to compromise data. Customer relationship management (CRM) software, drones, and autonomous machinery could all be vulnerable if not protected.
Cybercriminals don’t discriminate. They’ll attack at home or the workplace and compromise businesses small and large. Even a minor cyberattack can be devastating and cause lost time, harm your reputation, and put clients’ information at risk.
Every business needs cyber coverage to be properly protected. It’s not a luxury, it’s a necessity—as is an ongoing, up-to-date training program to help your employees reduce exposure and risk. At Deeley, our team participates in quarterly cybersecurity training sessions. These act as quick refreshers on refraining from using workplace devices for personal web browsing or what not to click in a suspicious email. We explain security-breach red flags and have a process in place for employees to report suspect situations. Seventy-five percent of businesses do not have a cybersecurity plan in place. We want to help you establish this critical best practice to protect your operations.
THE KEY TAKEAWAY:
In today’s environment, cyber insurance is just as important as your general liability insurance policy.
With cyber insurance prices expected to increase by 20 to 50 percent during the next year due to claims increases, plan ahead and budget for those costs. Now is the time to review your existing cyber insurance policy to make sure you have the right coverage in place. Don’t have cyber coverage yet? Contact us today for a free consultation.