Cost of Cyber Crime for Insurance Companies

Cost of Cyber Crime for Insurance CompaniesCost of Cyber Crime for Insurance Companies

Even if you’re a smaller agency, you’re not off a hackers’ radar. Hackers look for weaknesses, rather than large companies, as targets. If you fail to take adequate security measures, your chances of a data breach greatly increases.

Top data breaches include the New York State Electric & Gas Co. and Emory Healthcare. In a recent blog post, privacy & network security insurance: cyber-liability growing, we discussed the growing security trend. For example, a employee for the South Carolina Department of Health & Human Services sent the data of 228,435 Medicaid beneficiaries via email. Health information of 34,503 patients was exposed when a former contractor to the hospital had his personal laptop stolen.

Find your weak points. If you set up a strong password it can be a good first line of defense. PC World found some of the top hacked passwords. They included “12345,” “password,” and “abc123.” Make sure to vary numbers, upper and lower case letters, don’t use your name or generic phrases that could easily be guessed.

Back it up. Business can lose data in a cyber attack.

Educate your staff. Talk with your employees- your agents should be aware of the costs of a data breach. The more they know about the risk and dangers of cyber crime, the less likely they will be to cause breaches. Negligent employees are the most common cause of data breaches according to Forbes- by educating your staff on basic security measures, how to recognize potential threats, and why it’s important to always take precautions can help reduce any negligent data breaches.

At PLRisk, we provide coverage for all classes of business, including hard-to-place risks. We offer tailored policies depending on the client and industries they serve. Take a look at each of our programs to see how we can help you meet your clients’ needs. Contact us today and one of our staff professional liability specialists will contact you. (855) 403-5982


Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.