Cyber Liability Isn’t Just A Tech Concern, It’s A Business Risk

By May 29, 2018 February 27th, 2019 Business Insurance
cyber-security-cybersecurity

On May 24, McConkey was invited by Business Information Group to participate in BIG University 2018: Cybersecurity & IT Conference, held at York College of Pennsylvania. In addition to being a Sponsor, our very own Business Insurance Executive David Chiaverini, alongside Managing Account Executive Alex Notaristefano of Travelers Insurance, gave a presentation on Cyber Risk & Insurance.

If you tune in to any media source, you will see Cyber Crime is on the rise, from costly data breaches to stealing millions of dollars from online bank accounts.  Even though electronic devices and the internet help to streamline your business, they are both used by hackers to compromise your confidential data.

If you don’t think your business has a real Cyber Exposure, ask yourself these questions:

  • Do you retain physical or electronic records of employees or other third parties?
  • Do you have employees?
  • Do you have an active website?
  • Do you utilize third party vendors?
  • Do you utilize mobile technology?
  • Do you accept credit card or other electronic payments, or utilize online bill pay?
  • Do you allow employees to use personal devices to connect to your company’s network?
  • Do you store customer or corporate confidential information?

If you answered YES to any of the above, then your business is at risk.  Breaches can occur in a variety of ways, so it is important to stay ahead of hackers, viruses and other Cybersecurity threats.

Many of us would be surprised to know the average number of records lost in a Data Breach is over 900,000, while $5.3 Billion worldwide has been lost as a result of Business E-mail Compromise.  Surprisingly, 85% of surveyed company executives reported experiencing a Cyber Attack or Breach.

And it’s not just the high profile companies we see in the headlines who are at risk.  Many small to mid-sized organizations are more at risk than ever in part because of the personal information provided on social media.  So it should comes as no surprise, your employees are often the biggest threat to data security, either through inadvertent or intentional action.

When all is said and done, information losses cost U.S. businesses an average of $221 per compromised record and over $7 million. Pretty daunting numbers!

But there is a way to protect your business before you are the victim of a Cyber Attack; by purchasing Cyber Liability Insurance.   First, please visit www.privacyrights.org to view a chronology of all Data Breaches reported in the U.S. from 2005 to the present.  Then, contact McConkey to further discuss Cyber Insurance protection for your business. The time to put Cyber Insurance in place is NOW!

 

For more information regarding cyber liability insurance, please contact:
Dave Chiaverini, CIC, AAI
Business Insurance Executive
717-505-3140
dchiaverini@ekmcconkey.com

 

Dave Chiaverini, CIC, AAI

Author Dave Chiaverini, CIC, AAI

Business Insurance Executive
dchiaverini@ekmcconkey.com
717-505-3140

More posts by Dave Chiaverini, CIC, AAI