The NYSE halted trading last week due to a “technical issue”. Almost every headline and ticker running on CNN, CNBC, or The New York Times immediately blasted the message: “Officials Deny Cyber-Attack.” The Wall Street Journal and United Airlines followed up that day with their own computer issues. It’s become the first “go to” thought in everyone’s mind every time a snafu, a glitch or a complication occurs, Data Breach, Cyber Attack, and Security Compromise. All data and computer infrastructure has become vulnerable.
The most alarming statistic that is currently being reported is that there are over 300 security/data breaches every minute.
There are individuals who spend their days, sitting in front of their computers and make it their lifelong goals to steal your data, crush the infrastructure and create chaos. It is a challenge among cyber criminals, and digital geeks. Some do simply for the bragging rights, others for more lucrative reasons, such as to cash in on your identity. "The evidence of major attacks during 2014 suggests that attackers were often able to exploit vulnerabilities faster than defenders could remedy them," Tom Bolt, director of performance management at Lloyd's stated in a recent interview.
It is getting to the point where everyone expects a data breach to occur. It is simply a matter of time, when the next one will happen and where the next one will happen. For many, it is just a matter of time until it is their business or their personal information that is floating out on the Internet, being sold to the highest bidder.
The Association of British Insurers (ABI) has stated that within the next decade, Cyber Insurance should become as commonplace as commercial insurance for UK businesses. By 2015 Cyber Coverage will be the norm. The ABI’s Director Huw Evans has stated in a recent conference, “Cyber risk is growing rapidly. At the moment, despite more than 80 per cent of large businesses suffering a cyber security breach in a 12-month period, only around ten per cent have any form of cyber insurance. Online breaches can cost millions, and would threaten the viability of many businesses, so the stakes are high. Cyber insurance is an increasingly important way for businesses of all sizes to manage this threat.”
With the relatively low cost of Cyber-Insurance, compared to the alarming settlements that businesses have to pay for a breach, it is still amazing to me that more companies do not seek out a ‘Cyber-Solution” to this escalating headache.
If you wish to know more about how to protect your business and data you can click HERE.