Companies that must store personally identifiable information on their customers, like social security numbers, healthcare reports, etc. are always at risk for data breaches.
In today's global business environment, the risks of a data breach are higher than ever before.
According to a recent report called 2013 Cost of a Data Breach: Global Analysis by the Ponemon Institute and Symantec, it was found that globally, human errors and systems glitches caused about two-thirds of the data breaches in 2012.
More specific data revealed that malicious attacks (hacking and insider theft), accounted for almost 47 percent of U.S. breaches in 2012.
The costs associated with the aftermath of a breach continue to skyrocket. In 2012, the average cost of a data breach was $136 per compromised record on a global scale and $194 per compromised record in the U.S.
To safeguard this important data, companies should put the proper systems in place to protect their assets. To build a data safety net, companies can implement these four basic security measures:
- SAFEGUARD YOUR SOFTWARE: The proper encryption and security software protection should be installed on all of the company's hardware and/or mobile devices. It's wise to implement a range of security technologies, including secure Internet connections, encryption software, content monitoring and filtering tools.
- HAVE A DATABASE MANAGEMENT PLAN: Create a database maintenance plan that will perform consistent checks on the database to make sure a system or software problem has not occurred. Also be sure to back up the database over a regular time period. This creates a history of backups to use if you have to restore data from an earlier time.
- BOOST ONLINE SECURITY: With use of the cloud or any web programming software, it's essential to change passwords regularly and utilize whatever security plug-ins are available.
- GET INSURANCE COVERAGE: In the event of a breach, the right privacy/network security policy will help cover the defense costs associated with a breach as well as notification, credit monitoring and reputation management costs, etc.
While all of these steps cannot guarantee protection against a breach, they will at least create a more secure barrier to entry.
If you're searching for a privacy/network security insurance solution, contact one of our professional liability specialists today at 201-847-9175 or email firstname.lastname@example.org
to learn more.
Axis Insurance Services, LLC is a licensed professional liability insurance brokerage located in Franklin Lakes, NJ with licensed agents nationwide. We offer custom-built insurance solutions across multiple areas, such as Errors and Omissions liability insurance (E&O), Directors and Officers liability insurance (D&O), Employment Practices liability insurance (EPLI), Privacy/Network Security, Commercial Crime and Fiduciary products for today’s businesses.
Axis Insurance Services, LLC is not affiliated with Axis Insurance Company or its affiliates in any way.
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