Topics: Agent Resources Cyber Liability
It seems every day we learn about a new data breach, and the numbers keep getting bigger: 56 million records compromised in the Home Depot breach, 110 million in the Target data breach, and now 500 million at Yahoo, according to the Wall Street Journal.
Small business will probably never face a breach of this magnitude, but that doesn't mean they are safe. In fact, Security Magazine reported "more than two-thirds (67 percent) of companies with fewer than 1,000 employees having experienced a cyberattack, and 58 percent having experienced a breach." Even a few hundred compromised records can jeopardize credibility and cost the company thousands in damages. Cyberattacks cost a company an average of $200,000. This makes early detection even more critical, because it takes a lot less time to steal a few thousand records than several million. It’s not easy to steal millions of records, and it doesn’t happen overnight. These breaches are huge because companies aren’t catching them in time. Most companies take at least six months to detect a data breach. That’s a lot of time for a hacker to do damage!
So what can you do to detect a data breach early? A good hacker isn’t going to announce his presence, but there are some warning signs you should be watching for:
When it comes to potential data breaches, the most important measure a company or agency can take is to take no chances. If you detect anything out of the ordinary, investigate it like your business depends on it, because it just might.
If a breach does happen, having a cyber liability insurance policy from AmTrust can protect small businesses from some of the costs associated with cybersecurity attacks. Be prepared and discuss with an insurance agent the best coverage for your business.