As we push further into the 21st century, we are becoming more and more reliant on devices, networks, and the Internet to propel our businesses to new heights. As such, cyber threats and data breaches are quickly becoming the number one concern for companies across all industries. Gone are the days when small or medium sized businesses could safely assume they were safe from hackers. As the saying goes, in this day and age there are two types of companies: those who have been hacked, and those who don’t realize they have been hacked.
Recognizing the importance of Cyber Insurance has pushed SourceOne to think outside the box. Sending an agent to a week of training on cyber security topics and then passing them off as an “expert” is simply not good enough. In order to truly recognize the specific Cyber needs of each organization, your agent must have an in-depth understanding of advanced Cyber topics. Our Cyber Specialist has spent nearly a decade in the information security world, first at a major US government intelligence agency and then later as a consultant in the public sector. He approaches Cyber Insurance the way he approached cyber security, focusing on the administrative, physical, and technical controls that an organization must employ, both from a regulatory and best practices standpoint.
Data breach facts:
- The average cost of a data breach (per capita) in 2016 is $221. Rising to $236 when caused by a malicious attack, and falling to $197 due to human error.
- 60% of small and medium-sized businesses permanently close their doors within 6-months of a data breach.
- Companies spend more on indirect costs than direct costs when dealing with a data breach.
- 50% of data breaches are caused by malicious attackers, while 27% are caused by system glitch and 23% human error.
- Cost per capita changes by industry. Healthcare represents the high ($402), and Public the low ($86), while Education ($220) is almost exactly at the overall average of $221.
Contact SourceOne today to begin an in-depth discussion of your company’s needs and how we can help.
Risk Analysis Services
Cyber terrorism is on the rise and becoming a worldwide problem. Local companies in Northeast Indiana have already been exposed to various attacks and intrusions which have resulted in downtime for the employer and increased operating costs, including those not part of a typical budget process. In order to understand what type of cyber insurance your company needs, you must first understand the ways that you are vulnerable.
A risk analysis is a comprehensive process that will identify areas of potential vulnerability and allow you to put remedies in place. Protecting against cyber threats involves more than a firewall. All companies should have standards and practices in place that are designed based on the company’s business and operating needs.
Our Cyber Specialist can guide you through the risk analysis process by reviewing the various areas of concern, help to formulate strategies to correct areas of deficiency or vulnerability, and advise you on ways to best document your risk analysis process in case of an attack. Call us today to learn more about our risk analysis services.