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According to a recent study, a cyber-attack is 57% more likely to happen during the holidays.  Even though Black Friday and Cyber Monday are over, there is still a huge risk.  In fact, in 2017 the biggest increases in attacks occurred in the week following Christmas Day, when consumers take advantage of post-holiday shopping deals.  And with up to 90% of businesses lacking protection, it’s important to know the importance of coverage and what can do to protect yourself.

 

What Is Cyber Liability Insurance?

Cyber liability insurance helps cover the costs of a data security breach for things like identity protection solutions, legal fees, liability and more depending on the coverage you choose. You want data breach coverage in place because quick action is critical to help restore the public’s confidence, if your business is victimized by a cyber-attack.

To reduce the risk of civil litigation and other penalties when a data loss or theft occurs, a cyber liability or data breach insurance policy can provide access to professional assistance to help businesses comply with applicable laws and regulations.

What should you do if a data breach occurs?

If a data breach occurs at your business, you must respond swiftly to minimize the impact of a data security incident on your customers, employees and business. Contact your IT department to contain the breach and have everything documented. Ideally you have a Cyber Liability and Data Breach policy in place that we can began taking action on to restore anything that has been lost or compromised.

A lot of business owners think a data breach won’t happen to them – until it does. In fact, 65% of cyber-crimes taking place today are with businesses – not individuals, and most of those businesses are not properly protected or being proactive about preventing an attack.

How to Prepare for a Data Breach

The consequences of a data breach can be extreme, with 60% of businesses affected by a breach go out of business.  The holidays are an especially crucial time to become prepared and take precautions, as online spending is at its peak, and hackers are more active than any other time of year.

In addition to the cyber insurance, there are ways you can proactively protect yourself.  Employee training on proper internet and email practices, purchasing software to scan your hard drive to present and protect a breach, having privacy and network policies and procedures, as well as developing a data breach response plan.

 

 

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Offices

ANN ARBOR

2723 S. State St, Ste 150 | MI 48104
734.822.6182

PERRYSBURG

126 E Second Street | OH 43551
419.872.6222

CHICAGO

980 N. Michigan Ave, 14th Floor | IL 60611
312.456.2100

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