To select the most comprehensive yet affordable cyber insurance plan for your business, it’s critical to first identify who is accessing your confidential data and how they’re accessing it, as this information will largely dictate how your cyber insurance policy is outlined. Ensure your effective policy includes these six key components.
A study conducted for Hiscox shows that, out of 3,000 companies in the U.S., UK and Germany, slightly more than half (53 percent) of these organizations are not prepared to effectively handle a cyber-attack.
Cyber insurance purchases are on the rise. According to Marsh’s 2016 Cyber Benchmarking Trendsreport, there was a 27-percent increase in the number of U.S. clients purchasing standalone cyber coverage for the first time in 2015.
Your company may think it has adequate insurance coverage for a network breach, but there’s a good chance that it does not. According to the findings of a recent UK government report, over half of the companies surveyed thought they had the right coverage in place, while only 10 percent actually did. Another sizable group of those surveyed responded that they had no idea which of the many cyber risks facing their company even could be insured.
In August, Community Health Systems announced that an external group of hackers attacked its computer network that an external group of hackers attacked its computer network and stole non-medical data of 4.5 million patients – the second-largest HIPAA breach ever reported.
When asked specifically about the underlying technologies of a credit or debit card, Americans responded favorably, with 69 percent stating that EMV chip cards are making their debit and credit card transactions more secure, with only five percent feeling chip cards make their transactions less secure.
Who are the Most Influential People in Security? Find out which security leaders are making a difference in the September issue of Security magazine! Also, read about how New York is shaking up cybersecurity, changes in drone legislation, three steps to prepare for the GDPR, school surveillance savings and more.