Cybersecurity alert – Our recent series in review
During the past month we have provided a series of stories and discussions regarding data breach and cyber security risks. We welcome your feedback.
If your data is being stolen, does it make a sound?
When VeriSign reported a series of stealth data breaches, it became clear no organization is immune from these intrusive actions. According to a prominent security consultant, the VeriSign security breach “means that prevention is futile.”
Because no amount of preparation can fully protect your firm from a security breach, you can only eliminate the financial implications of a loss by choosing a cyber security insurance policy before one minute from normal strikes.
Could a data breach wreck your company?
The average annual cost for a data breach to small to mid-sized businesses is now $200,000. Just one laptop packed with sensitive information costs an average $50,000. Nearly every state requires companies to notify individuals whose personally identifiable information has been stolen or lost. The attorney general of Massachusetts can seek a court-imposed $5,000 civil penalty for each violation involving a resident of that state.
With costs so high, it is not surprising more than half of businesses unwillingly shut down within 6 months of a cyber attack.
Will your cyber coverage cover you when you weren’t attacked?
With more companies embracing cloud technology for their data storage needs, third party data breaches have become an increasing concern.
To prepare for a third party cyber event, your firm should carefully review its cyber coverage before the cloud is breached. The good news is the full range of costs resulting from a third-party’s data breach can be covered by carefully-written network business interruption coverage.
Risks and Rewards of Bring Your Own Device to Work
As if there weren’t already enough concerns regarding cyber security, we can now add the Bring Your Own Device (BYOD) phenomenon to the list. Simply stated, this refers to the growing number of employees using personally owned smartphones, tablets and laptops at the workplace.
As the BYOD phenomenon gains volume and recognition, it is important for every company to examine its cyber security insurance coverage. To fully understand the implications to your firm’s risk profile, we recommend seeking the advice of an experienced insurance professional.
At KMRD Partners our skills and grasp of coverage come from having more than 7,000 insurance policies. The knowledge we have gained enables us to detect and correct coverage gaps, seen and unseen, including cyber insurance gaps attributable to BYOD.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To learn more about cyber security insurance, contact us at firstname.lastname@example.org before one minute from normal strikes your company.