The top security concern for most businesses this year could be cyber liability. According to Hiscox, in 2013, 31% of small businesses were victimized by data breach events. Are you properly protected?
Do you accept online transactions? Even if you use a third party vendor or financial institution to collect payments, YOU are liable.
Do you store personally identifiable information on your network?
Does your company conform to PCI DSS (Payment Card Industry Data Security Standards)?
Anything can happen. What matters is how you protect yourself prior to a loss.
Identity theft due to a breach of sensitive information stolen from a hacker, such a social security numbers, credit card numbers, employee identification numbers, drivers license numbers, birth dates or pin numbers.
- Business interruption from a hacker shutting down a network.
- Damage to a firm’s reputation.
- Costs associated with damages to data records.
- Theft of valuable digital assets (trade secrets, customer lists)
- Introduction of malware, worms for malicious code
- Human Error
- Cost of credit motitoring services.
The Average Costs Associated with a Breach:
- Forensic Examination: $174.00 per record
- Notification of Third Parties: $.50 – $5.00 per record
- Credit or Identity Monitoring: $10.00 – $30.00 per individual per year
- Public Relations: $214.00 per record
- Legal Defense: $500,000
- Legal Settlement: $1,000,000
- Regulatory Proceedings, Fines & Penalties: HIPPA – $100 – $1.5 million per violation
Can your business stand firm after a data breach? Contact us today to start the process of receiving a data breach/cyber liability quote.