You take steps to protect your business from perils such as fire and theft. But how do you start to understand a risk that you cannot see and perhaps have never experienced? This is the predicament that many business executives are facing and the nature of cyber risk.
As businesses become more connected and dependent on online systems and vendors, the risk of a data breach or crippling business disruption goes up, as recent statistics demonstrate. According to Verizon's 2018 Data Breach Investigations Report, 58% of malware attack victims are categorized as small businesses, and 92.4% of malware is delivered via email. If you rely on email and access to the internet to conduct everyday business, you're at risk.
The threats include:
Even industries you would not traditionally think of as “at risk,” such as manufacturing, could suffer billions of dollars in losses if the cloud servers they depend on to run their business went down.
We are in the midst of what the World Economic Forum’s Global Competitiveness Report 2018 describes as the fourth industrial revolution fueled by technological change occurring at an unprecedented pace. Personally and professionally, the Internet of Things (IoT) is an essential part of our lives. John Carlin estimates in his book Dawn of the Code War that by 2020 there will be as many as 20 billion devices connected to the internet. But with every advancement in technology comes increased risk. Cyber attacks are reported on the news almost on a daily basis—large and small scale data breaches, extortion demands, and networks infected with malicious code.
The first step in determining the risk to your business is to understand that all businesses are at risk for a cyber event, regardless of industry, geography or revenues. In protecting your company, insurance can play a vital role. Cyber insurance has made great strides over the past 30 years, but rapid technological growth and connectivity has made it difficult for employers to truly understand their risks and cover accordingly. Our cyber insurance experts at Associated Benefits and Risk Consulting we can help you not only assess your risk, but also find the insurance policy that will protect your business from what can be a devastating event.
Associated Benefits and Risk Consulting offers several tools to help clients assess their cyber risk:
Don’t let your business become another unfortunate statistic. The time is now to review your current practices and commit to protecting your business from a malicious data breach. For more information about cyber liability and other risk management issues, please contact us.
Jake Omann specializes in providing clients with risk management and executive risk services that cover their liabilities as a corporation, as well as the personal liabilities of their directors and officers. He started his career over 10 years ago in sales at a multinational financial services co
Jake Omann specializes in providing clients with risk management and executive risk services that cover their liabilities as a corporation, as well as the personal liabilities of their directors and officers. He started his career over 10 years ago in sales at a multinational financial services corporation before beginning his broker career in managing executive risk programs for Fortune 500 companies. Jake currently sits on the board for ACES for Kids.
The world is different than it once was. It used to be that you needed a 30-foot phone cord to take the phone into another room just so you could have a little privacy, and that when you left work, you really left work, since there wasn’t any way to login remotely.
Nowadays, technological advances have made us truly mobile by enabling us to stay connected 24/7/365. While the workplace impact of 24/7 connectivity has meant that employee productivity has been on the rise, along with it comes challenges that couldn’t have been imagined even 15 years ago.
With massive data breaches at organizations such as Target, Dairy Queen, and JPMorgan, businesses are becoming more aware of the threat of hackers and external threats to their data. And while it’s important to protect yourself from such exposures, history has shown that the real enemy lies within our own companies. Don’t believe it?
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