Defending Against the (Nearly) Indefensible
It’s long been said that man is unique among the animal kingdom not just because he’s the only one who knows his death is inevitable but also because he can somehow make himself ignorant of that fact for much of his life.
Maybe there’s something deeper there because that’s not the only looming threat we manage to tune out. Data breaches may make headlines occasionally, but they’re occurring far more often. Perhaps even more unsettling than they’re increasing frequency is the widening gap between “compromise and detection,” as Verizon’s 2016 Data Breach Investigations Report (DBIR) describes it.
“In 93 percent of breaches, attackers take minutes or less to compromise systems,” the DBIR says. “But four out five victims don’t realize they’ve been attacked for weeks or longer. And in seven percent of cases, the breach goes undiscovered for more than a year.”
The 2016 DBIR, Verizon’s ninth installment, examines over 100,000 incidents, including 2,260 confirmed data breaches across 82 countries.
Money remains the main motive for the attacks, according to the DBIR. Eighty percent of analyzed breaches had a financial motive. Though there’s little rhyme or reason to the attacks beyond that. “No location, industry or organization is immune from attack,” the DBIR says. “Even with the strongest defenses, you can’t bank on not being breached.” Maybe ignorance is our only hope, after all.
There is a layer of protection that even a Mr. Robot-level hacker can’t dent: cyber liability insurance.
It covers the cost of restoring lost or corrupted data. Lost-income coverage kicks in when a service provider, like a Web host, is hacked or goes out of business. And cyber extortion policies—small-business sites are increasingly becoming the targets of such threats—often cover the settlement and the cost of contracting a security firm to investigate the incident.
Maybe most critically, privacy and security liability coverage protects you from claims by the likes of banks and creditors, which are within their right to sue for losses if personal information (of employees or customers) you’re responsible for keeping confidential is breached.
When there’s no predicting when or how a breach will occur, the best you can expect is to be prepared for it when it does come. And most indications are that it will. Call us at 714-258-2800 or 888-725-7776 to get your cyber liability insurance started today!