Verizon has just released its 2014 Data Breach Investigations Report, and anyone interested in Cyber Risk and Cyber Risk Insurance should check it out. Also see an excellent summary article from Re/Code here. Key points:
- 2013 is going to go down as something of a watershed year…It was a year when computer security incidents became something that mainstream people worried about a lot
- The number of overall attacks is on the rise
- [The report identifies] nine patterns that together describe 92% of the confirmed data breaches
- Attempts to steal intellectual property rose…There were two basic motivations: Sell the data to a competitor, or start a competitive company
- In more than 70% of the IP theft cases, insiders stole the information within 30 days of announcing their resignation.
There are steps that organizations can take, including small organizations, to protect information from theft and employee errors, and the Verizon report includes some of these. Called Recommended Controls, these include a number of process and audit recommendations.
In addition, all organizations should have Cyber Risk Insurance. Cyber Risk Insurance is easy to obtain and affordable (see here), with premiums for smaller organizations starting at less than $1,000. Policy terms vary widely, so work with an expert in order to ensure you are getting a comprehensive insurance policy with adequate limit that is right for your organization.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber), including Data Breach or Cyber Risk insurance.