Analysis of 2018 Cyber Claims Data by Society Insurance
Ransomware. Business email compromise. Spear phishing. This is the new language of business risk. Whether it’s a massive data breach that exposes customer information, or an automated ransomware attack that extorts bitcoin payments from a small business owner, the cybercrime wave continues to swell as the cybercrime economy becomes more sophisticated.
The threat of cyber attacks continues to top the list of executive concerns around the globe. According to the latest survey by The Conference Board, US-based CEO’s rank cybersecurity as their number one concern.
Handling electronic data is an unavoidable part
of operating any business today, but what would happen to your restaurant if that sensitive
information was the target of a cyberattack? We tend to remember big,
scandalous data breaches like Equifax or Sony, but that’s only because they are
highly publicized. In reality, an estimated 90% of cyberattacks affect small
businesses and the average cost of one is $116,967. Couple that with loss of customer trust and suddenly
it’s no surprise that 60% of small businesses go out of business within 6 months of a data breach.
Before you serve your first customer, your business is at great risk and
liability. Thankfully, there are many insurance options to help businesses
protect their livelihood. Below are critical types of insurance that restaurants
and bars should consider to protect their financial investment.
5 Types of Business Insurance You Shouldn’t Go Without
The U.S. National Cyber Security Alliance reports that 60% of companies affected by a data breach will go out of business within six months. At a time when technology and the risks associated with it affect every person and business, Society Insurance provides leading-edge Cyber Liability insurance with comprehensive data security and privacy coverage.
Cyber terrorism is a politically-motivated attack against computers and data. These attacks are intended to be disruptive and advance the attackers’ political or religious stance. Acts of cyber terrorism result in a total or partial interruption of a computer system. Unlike cyber extortion, the hacker isn’t asking for any sort of ransom in cyber terrorism situations.
Examples of Cyber Terrorism
Sophisticated network attacks to gain access to sensitive data and high-value business information
Viruses and worms that are maliciously designed to disrupt, damage and attack an electronic infrastructure
Hacks to collect personally-identifiable information which can be used to steal identities
Electronic data is an important component of your business operations. What would happen if you suddenly lost access to this information? Would you be prepared for the cost associated with recovering your computer network assets? (more…)
With the world at our fingertips, it is not unusual to do a quick internet search when we’re looking for information. But using that information without permission from the owner can result in costly consequences. (more…)
It is no secret that criminals are getting smarter at using technology to their advantage. Unfortunately, that means your business could be the victim of a data breach left to face tremendous financial costs, lost customers and a damaged reputation. When word gets out that data was compromised at your business, it may take time to convince customers that it is safe to come back. (more…)
If your business suffers a data breach, you may see yourself as the victim. But there could be a different perspective for customers or employees whose data has been compromised. They may view you, the business owner, as responsible for not properly safeguarding their confidential information. Would your business be prepared for the related lawsuits? (more…)
When it comes to data security, a threat is any potential danger to information or systems. Threats could be an intruder network through a port on the firewall, a process accessing data in a way that violates the security policy, a tornado wiping out a facility, or an employee making an unintentional mistake that could expose confidential information or destroy a file’s integrity.
It’s critical for every business to understand their risk. An important step in data security is to identify potential threats, classify them by category, and evaluate the damage potential to the company. Use this checklist to understand common data threats and assess how they may affect your business: (more…)
The insurance tips and trends to help you make smart safety decisions for your business, plus an inside look at Society.