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Cyber Security, Mobil Devices – Threats and Insurance

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We have now seen, month after month, one major company after another suffering data breaches.

You would think that people would have gotten the message about the dangers of cyber penetration and other forms of data breach.  You would also think businesses would take strong preventive measures and buy more insurance for their own protection.

But it looks as though, even while mobile device data breach is a real threat, businesses and consumers are not catching up with the problems.

The Ponemon Institute (click here for the website), dedicated to data protection and information security policy, found that IT security specialists believe mobile devices to be the fastest frowing part of networks, and less secure than other components.  But at the time of the survey, 30% said that they had no security system in place for corporate mobile assets.

In a survey of consumers, Kaspersky Internet Security found that 58% are concerned about the safety of their information on mobile devices.  But 38% still store highly sensitive data on their mobile devices, even though they fear it can be hacked.  80% of consumers surveyed think that financial cyber attacks are becoming more frequent, and 40% still use their obile devices to transact banking business.

One implication for businesses is that consumers and your B2B customers regard data breach protection as your responsibility.  Over 75% of consumers in the study cited above believe that businesses, banks, and online payment systems, either have or should provide secure applications and systems to protect them against cyber attacks.

Businesses need advice; if there is one field of insurance coverage which is not largely uniform across the industry, it is cyber liability/data breach.

If you’d like to work on your corporate protection for data breach losses, give us a call at GBW Insurance 800-548-2329, or click here to leave a quick request for info or a quote.

Thank you to the National Association of Professional Insurance Agents for some of this material.

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