Protecting Your Business from Cyber Breaches

Breaches are beginning to become more and more common like any other disaster, and the after-effects of a breach can be long-term. Last year, there were 1,579 data breaches, exposing nearly 179 million records. That represents a 44% increase in the number of cyber breaches and a 389% increase in records exposed. In this blog we’re looking at how your business needs to plan for these incidents like any other workplace safety issue, using plans, policies, and insurance to keep you and your bottom line safe. Let’s start with terminology.

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The Importance of Cyber Insurance

Computer security compromised.In 2011 Sony experienced a PlayStation hack breach with costs around $171 million. Sony only had general liability insurance. Sony’s policy only covered the physical property damage not any cyber damages. If Sony had invested in cyber insurance the company could have had that $171 million offset. Cyber insurance is relatively new but, it is a necessity in a world that is becoming increasingly dependent on technology. [Read more…]