Professional Liability Insurance Group - 4th Quarter

Is Your Business Prepared to Respond to a Data Breach?

Data breaches are a significant problem. In 2017, there was a record number of breaches in the U.S., with 1,537 known breaches and 179 million records stolen.This was a 50% increase from the previous year, and this number continues to climb. While some small businesses believe they are too small to be targeted, this is not how cybercriminals think. In contrast to popular beliefs, cybercriminals prefer to target smaller businesses.This is because they generally have poorer security than larger corporations. Some businesses don’t invest in security solutions at all, and that’s a huge mistake that can destroy a business. KnowingYou’ve Had a Data Breach One of the biggest challenges you will have with data breaches is knowing when one has happened. Unless information has been corrupted, it can be difficult to know when a data breach has occurred. There are cases when cybercriminals will encode data and demand a ransom before releasing it back to you; this type of attack is becoming

increasingly common. Alternatively, the hacker may tell you they will release the details of your customers, suppliers, or business information unless you pay up. But sometimes, the crimes do go unnoticed.This can be the case when credit card information has been stolen. A hacker can sell this data to other criminals.

Developing a Data Breach Response Plan

If you don’t already have a data breach response plan, you need to create one, as there’s a very

On top of this, check your insurance.There are specific policies that need to be in place before an incident happens. Make sure your business is covered in the event of a cyberattack.Then, when you realize that you’ve had a data breach, it’s your insurers you should contact first. Depending on the extent of the attack or data theft, this insurance can be the difference in whether or not your business will survive a breach.

high chance that your small business could be targeted. Never assume your business is safe just because you haven’t been the victim of a cyberattack. In reality, it’s a matter of when, not if.You need to have security in place: firewalls, malware protection, secure cloud storage, etc. You need to put as much security between your business and the outside digital world as possible.

What Some of Our Clients Are Saying

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