Did you know that there is a big difference time between when the data breach occurred and when it is discovered? According to the Ponemon Institute the average small business did not know that they were hacked until 197 days after it happened.
You may think that your firm is secure, but survey results beg to differ. One survey found that 40% of organizations store their user privileges and passwords on a Word document or spreadsheet, and another 28% store them on a shared server or thumb drive. In addition, almost 50% of respondents state they give internal system access to third-party vendors.
This same survey found that organizations do have their priorities in order. Seventy percent state their first objective is to remove the attacker, followed closely by identifying how the breach occurred. But if it takes you 197 days to know you have been hacked the damage is likely done.
If you use mobile devices (smart phones, tablets, laptops, or thumb drives) your data is likely not safe. Experts agree that the number one reason for data breaches is mobile device loss. Device loss was responsible for 41% of all breaches, with malware and hacking accounting for 25%.
While improved security procedures will help, you may already have been hacked and not know it.
Cyber Insurance may be your best strategy to keeping your firm whole if you get hacked. Make sure that the policy you purchase has both 1st and 3rd party coverages. 1st party coverages are especially important if your firm stores personally identifiable information (Credit Cards, Social Security #’s, dates of birth, etc.).
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Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080