Technology now plays a vital role in business. Nearly every firm relies on software, email and the internet to conduct business and services. Since internet has become an integral part of various several operations to run a firm or a business. There is a path to disaster that never existed before.
Survey has found that ninety percentage of businesses are hacked at least once in 2015. Have a thought about it. Important portions of services are completely based on coding. Every project here are full and full based on new technology and communication tools.
It has clearly come to our knowledge that however secured a system maybe, there is no one hundred percentage guarantee against hacks, breaches and intrusions. There is always a risk. As a matter of fact, a business’s datum can be exposed in three fundamental ways.
- CONFIDENTIALITY – No one can be as sure as hell that their firm’s information is truly safe. Moreover, there should be an assurance that there aren’t online thefts in any form.
- INTEGRITY – Each and every data in our operation should be free from corruption as it is allowed to move internally and externally. There should be trained professionals as employees in every firm to avoid security breach.
- AVAILABILITY – The systems must be redundant. There should also be a availability of backup onsite and off premises to ensure the integrity in the face of attack or network failure.
The real threats are not just the hackers but also the data breaches involving the download of malicious codes and viruses. Each of these codes and viruses can attach themselves to emails and follow the user friendly websites and social media streams and gets back to the source on unsuspecting businesses.
The most disturbing words for the businessmen running firms related to software are that “We’ve been hacked”.
On May 2017, The Connecticut based specialty insurer Hartford Steam Boiler Inspection and Insurance Co., which is owned by Germany-based re-insurer Munich Re, released a survey of business risk managers.
The survey, conducted onsite at the Risk and Insurance Management Society Conference in San Diego, it is found that 9 out of 10 businesses are hacked at least once in the past year. The survey also found that the number of attacks have been increased since 2015 by twenty one percentage.
Hackers are even more relentless, says Eric Cernak, cyber practice leader for Munich Re. He adds to it that “Sixty four percentage of risk managers say they have experienced more than six hacking incidents in the last year- up from thirty one percentage in 2015”. He feels bad that especially U.S Businesses are under constant assault.
In reviewing the possible risks to their organizations from cyber technology, Risk managers have ranked them as follows:
- Loss of confidential information – 44%
- Government intrusion – 27%
- Service/business interruption – 17%
- Link of devices to Wi-Fi and cloud networks – 10%
- Lack of service standardization – 2%
Then comes a common question after the survey, how do the risk managers combat cyber risk?
- Encryption – 44%, up from 25% in 2015
- Intrusion detection/penetration testing – 28%, down from 32%
- Employee education programs – 12%, down from 25%.
These survey findings may present opportunities for agents and brokers to reach out to their clients and educate them about cyber insurance.
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