What are the true costs of a data breach? On the one hand, there are monetary damages: the estimated average cost per breach in the US is $7.9 million. Coupled with potential fines for negligence plus legal fees, and suddenly it’s no surprise that around 60% of small businesses will go out of business within 6 months after a significant breach and around 43% of all cyberattacks target small businesses because of presumed vulnerabilities. On the other hand, there are the less tangible costs of a cyberattack, such as organizational integrity and customer trust. Whether it’s your fault or not, a data breach will compromise the public’s perception of your business, although the extent of it will really depend on the actions you take immediately following the breach.(more…)
What Is Data Breach?
Data breach is the exposure of sensitive customer information due to hacking, theft or the accidental release of data. Business owners are expected to exercise discretion and due diligence to protect their customers’ data from a breach.
Imagine you just received a call informing you that your business and customer records have been compromised. What do you do?(more…)
While email is a great tool both personally and professionally, it also poses one of the greatest threats to your business. Bad actors can use a variety of email scams such as ransomware, phishing, and a variety of other tools to not only disrupt personal computers, but also business technologies while gaining access to personal or business information that would be harmful for the outside world to have.(more…)
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.(more…)
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…)
Did you also know that banks and credit card companies can impose fines and penalties on your business if you fail to maintain these requirements? (more…)
Below are five of the most common data security mistakes leading to data breaches. Employees should halt these practices immediately to reduce the likelihood of a breach.