As technology becomes more advanced & people’s daily lives rely more on computers, the risk of cyber liability becomes a massive problem for everybody. Business large & small have bullseyes on them & are major targets for hackers. Propertycasualty360.com found “according to the Poneman Institute’s Cost of Cyber Crime Study, there was an 18% increase in the number of cyberattacks in 2013, and a report by Symantec on internet security found that 61% of small and midsize businesses experienced a cyberattack in 2013”. Giant companies such as Target, Home Depot, JP Morgan Chase,eBay, & most notably Sony have suffered cyber breaches in the past year. Jay Shelton the SVP at Assurance wrote that in “October 2013, the National Institute of Standards and Technology proposed a cyber security framework for critical U.S. infrastructure, and it looks like it will be at the top of the agenda for Congress in 2015 with bipartisan support for compromised legislation. This will be a significant change for businesses as they will now be required to have cyber security protocols in place to protect sensitive data and systems, which historically has been voluntary”. Hopefully congress sets a new standard in 2015 to help businesses large & small to protect themselves from cyber liability. Please read on for more details on new & emerging cyber risks.
For more information on how to manage & insure your company’s cyber liability risk- please contact Fidens Insurance for your free consultation.