What You Need to Know About Data Breaches

Written by on 4/11/2016 5:25 AM . It has 3 Comments.
data breach cyber liability insurance
Data breaches are inevitable. Could your business be next?

We’re living in the most technologically advanced time in history. There’s more computing power in our smartphone than what was used to send men to the moon. Buying products or services can be done at the touch of a button or the scan of a screen.

The world has gone digital, and so has our data. Because of this, data breaches are common and inevitable.

A Data Breach Could Easily Happen To Your Business

A survey by the Kaspersky Lab showed the scary side of data breaches for business. Let’s start with cost. A small business will pay, on average, $38,000 to recover from one data breach. One! Those are the direct costs. The total indirect costs - loss of business, reputation, staff time, etc. - will be another $16,000.

If that’s not frightening enough, small to mid-sized businesses are the most common victim of cyber attacks, with 62 percent of all incidents. What causes this? Are hackers lurking in the shadows waiting to do harm? The answer is both yes and no.

  • 49 percent of all attacks are malicious or criminal
  • 19 percent are caused by employee negligence
  • 32 percent are caused by system glitches

Hackers target small businesses because they know you’re not always prepared for them. Breaches occur in other ways, too. It happens when a piece of equipment like a laptop or smartphone is lost or stolen. It can happen when an employee sends a sensitive document to the wrong email address.

You can’t stop all cyber attacks, but you can prepare yourself for them and be aware of a few things.

  • Make security a priority in your business. Require strong passwords and install software designed to protect you. Keep your software current. Don’t give all employees the same access to secure and sensitive information.
  • Remind your employees not to click on suspicious emails or install software they aren’t familiar with.
  • Work closely with your IT department or employee to make security a priority.
  • Purchase cyber liability insurance coverage to help you recover if and when your data is breached.
It can take a long time to detect a breach once it occurs. If you and your IT staff are keeping security top of mind, you may be able to find it and stop it more quickly.

What to Do When a Data Breach Occurs

The fact that your data will be breached at some point is nearly inevitable. There are certain things you’re required to do when it happens: ● Notify every single person in your database who may have been affected. This may be tens of thousands of people depending on what information you collect and store and how long you’ve been in business. ● Pay for credit monitoring services for everyone affected for a designated amount of time, usually a year. ● Be prepared to go to court for damages and liability, especially if your business wasn’t using software, policies, procedures, and other methods to protect people’s data.

Cyber liability insurance will cover all of these expenses for you. It can help you notify everyone and cover the costs associated with the aftermath. You can focus on recovering your reputation and any lost business, while also strengthening your security.

Don’t wait until your cyber security is breached, whether through human error or something more malicious. Protect your business with cyber liability insurance as soon as possible. In today’s world, data breaches aren’t a matter of if but when.

Contact Charlotte Insurance today to discuss your options for cyber liability coverage. We’re here to help you protect your business and your customers.

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