Cyber Liability Insurance

Small businesses are increasingly at risk for data theft, also known as data breach.  According to the Verizon 2013 Data Breach Investigations report (DBIR), organizations with fewer than 100 employees comprised 31% of data breach incidents investigated in 2012.  You can minimize your business's risk of data breach by taking these essential steps:

1.  Secure sensitive customer, employee or patient data.
2. Property dispose of sensitive data.
3. Use password protection.
4. Control physical access to your business computers.
5. Encrypt data.
6. Secure access to your network.
7. Protect against viruses and malicious code ("malware").
8. Keep your software and operating systems up to date.
9. Verify the security controls of third parties that have access to your data.
10. Train your employees on your company's security principles.

For more information on Cyber Risk and Cyber Liability, please contact us at ClientService@TOMIA247.com.

Cyber Facts

1. 53% of U.S. businesses have experienced a cyber attack in the past year.
2. Of those businesses hacked in the past 12 months, 72% spent $5,000 or more to investigate each cyber attack, restore or replace software and hardware, and deal with other consequences.
3. More than a third of hacked businesses spent at least $50,000 to respond: 10% spent $100,000 to $250,000 and 7% spent more than $250,000!
4. 7 in 10 executives were concerned that data would be destroyed as a result of a cyber attack, and 62% were concerned about equipment damage.
5. Nearly two-thirds of companies(61%) purchased or increased their level of cyber insurance coverage over the past year, and 56% of them purchased cyber insurance for the first time.
6. Malware(53%) and viruses(51%) were the most common types of cyber attacks in 2016.
7. Businesses and institutions also experienced:
   
   1. Distributed Denial of Service(DDOS) Attacks: 35%
   2. Ransomware: 29%
   3. Cyber Extortion: 25%
   4. Social Engineering: 13%
8. Who's the weakest link at safeguarding information? Employees and security experts
   
   
   Source: Munich RE