Another Day, Another Data Breach Happens
Whether you read the newspaper in the morning or go online on your tablet/Smartphone for your daily news fix, chances are you will be reading about another company reporting that their data was hacked, exposing their clients’ names and personal information including credit and debit card info.
Now, I’m sure that most small or medium Arizona business owners are thinking that mostly only large companies get hit by hackers, and that there is little to no risk that it would happen to a company of their size, but nothing could be further from the truth. In fact, hackers are getting much smarter about which targets to go after. They already understand that small and medium businesses generally are not spending the kind of money on securing their networks as they should, and, therefore, become easy prey for hackers. According to a recent study, the message was loud and clear regarding data breaches for small and medium sized businesses: It’s not a question of IF you are going to have a data breach, it’s a question of WHEN you will have a data breach, and are you prepared to deal with it?
It is understandable that when a large corporation has a data breach which will affect millions of users, and the breach makes the front page of the newspaper and is the lead story on most news broadcasts, but for every one of these types of high profile attacks, there are literally dozens of threats of data breaches to everyday companies such as doctors’ and dentists’ offices, small retail shop owners, and just about anyone who keeps clients’ vital information. Also, AZ business owners need to be aware that someone trying to hack their data through their servers is not the only way your data would be exposed.
In today’s world, it can happen when thieves break in and steal the office computers, or disgruntled vendors, or ex-employees, who decide they want to get even for something they perceived was an injustice done to them, steal valuable client info. Most small firms know little or nothing at all about cyber-security, despite the fact they hear or read about numerous attacks each and every day. Let’s be honest, could your business survive a cyber attack? In addition to the information stolen, what would this type of attack do to the reputation of your company? If you are like most small to medium sized companies, your company may not even be able to come back from this type of attack.
Our advice to our clients is to hire a security consultant to perform a top-to-bottom review of the client’s operations including software, who has access to client’s information, where the data is stored, and if a breach does happen, is there a plan in place to handle this type of crisis. Once this process is done and implemented, we suggest that our clients look at purchasing an Arizona Cyber Liability Insurance Policy.
We understand that even with all these protections in place, breaches are still possible. The experienced professional brokers at PJO Insurance Brokerage have access to numerous carriers who have an array of insurance products that deal with Cyber Liability Insurance that can provide coverage for your particular business. As we have mentioned before, it’s not IF, but WHEN. Being prepared can mean the difference between surviving the attack or closing your doors forever.