Orlando Business Insurance: Why You Should Watch Out for Cyber Crime

Orlando Business Insurance: Why You Should Watch Out for Cyber Crime

Cyber crime is defined by Property & Casualty as “criminal activity conducted via the internet and includes such things as malicious codes, hacks in which private client or company information is made public or stolen and disrupting normal operation.” Hackers can be profession ‘hacktivists,’ rogue employees, or a third party seeking financial game. And it isn’t just huge corporations. Any company that stores personal or health information is vulnerable to cyber attacks.

The most frequent forms of cyber attacks typically result from malicious code, denial service, stolen or hijacked devices, and deleterious insiders. The costs of a cyber-attack vary widely, depending widely on industry, company size, and the level of protection companies had in place against cyber-crimes.

In Ponenmon’s U.S. Cost of a Data Breach study, cyber breaches cost U.S. companies an average of $204 per compromised record. The costs include forensics to determine the scope of the breach, legislative costs from any subsequent lawsuits, notifying the victim of the breach, credit monitoring, public relations to repair the company’s reputation, lost revenue, and any fines or penalties. If caught quickly, it takes about 18 days to resolve an attack, but insider breaches took an average of 45 days to contain.

Cyber-liability has become even more of a threat with the expansion of Wi-Fi and mobile devices. While the technology has become crucial to business today, it also is an expanding liability. As workers increasingly work remotely, the private client and company information they use is no longer protected by a secure and monitored internet connection.

Orlando Businesses should take measures to educate employees and develop a comprehensive risk management plan to mitigate the risks of a cyber-attack. At Newman Crane, we have Orlando, Florida business insurance plans to protect your business operation from a number of potential losses, including liability and property damage. Contact us today for more information about our Orlando Business Insurance programs.