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 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…)
Did you know that businesses are required to implement a set of security standards to protect credit card data?
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…)
A privacy breach that exposes sensitive customer information can be high-impact for all businesses. But it can be especially devastating for a small business, causing significant financial strain and irreparable harm to your reputation. So, what are the odds of a breach happening at your business? (more…)
Every business has an expectation to protect sensitive information, and every employee plays a key role in preventing cybersecurity incidents.
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.