Cyber Risk – Much More Than Your Computer Is At risk

California Cyber Risk

Recently The Business Journal published a report on cyber risk, and we thought the results would be good to share with you. While a majority of U.S. finance executives now see high-profile cyber-breaches as a major risk, yet many still have inadequate or no cyber insurance coverage. That finding comes from the Association for Financial Professionals’ survey of executives in corporate treasury, finance, and banking at its annual conference in Washington, D.C. Results are based on the 970 responses generated by the survey. Link

If your California business stores client information in any form, you are at risk.

The Survey Results

  • About 32 percent of respondents rated cyber risks as highest on a five-point scale. Another 28 percent slapped a “very high” label on those risks.
  • A whopping 31 percent of respondents don’t carry any cyber insurance.
  • Approximately 6 percent of companies uninsured for cyber risk picked up the coverage in the last year, and 15 percent increased existing coverage over the last 12 months.
  • A solid minority of respondents also agreed that high profile breaches of cloud services and personal devices, successful large-scale attacks by foreign entities, and high profile data breaches at retailers would greatly harm business activity.

How to Reduce your Cyber Risk

  • Outsource credit card handling with a reputable vendor.
  • Use more complex passwords with a combination of letters, numbers and symbols. Here is an example (MP#09xT28S%).
  • Don’t save passwords on your computer.
  • Question your internet security at every level, including email. It may be time to encrypt all emails.
  • Use the latest security software.
  • Do not allow laptops to leave the office without proper security.
  • Train your employees on cyber security.
  • Do not use an open network.

Cyber Insurance

Risk Concepts can provide your firm with the right combination of pricing and coverage. Cyber liability insurance is available at very reasonable premiums. Many of our insurers offer first and third party coverage to help protect your business from what could be an irrecoverable loss.

Risk Concepts Insurance Brokers provides California businesses with high quality advice and service to identify risk and create the best solutions to manage it.