In 2017, over 130 huge breaches were reported—a 27 percent increase from the year before. 2018 brought about new security concerns, with cyber security awareness heightening over the past few years. Whether your business is big or small, you have every right to worry. With the recent Google Plus bug that exposed 500,000 users’ data for about three years, as reported by Wired, Google also announced that an additional bug exposed user data from 52.5 million accounts for almost an entire week. That’s right, Google Plus is getting deleted as a whole, all because of a bug.
It’s almost 2019 and millions of people have been exposed through bugs, attacks or data breaches in the past year. It’s time to be prepared for more incidents like this. Without awareness, cyber insurance and security, we are left vulnerable. Here’s a look at the state of cybersecurity and data breaches over the past year, courtesy of Deloitte.
Ransomware Attacks
There were some notable ransomware attacks that happened, such as the WannaCry and NotPetya attacks in 2017. This is when cyber insurance comes in handy. So many computers were infected that companies incurred massive financial losses the next year. Shipping company Maersk had to install 4,000 new servers, 45,000 new PCs and 2,500 applications after the NotPetya infection cost them $300 million dollars. The damages of the WannaCry attack are estimated around 92 million British Pounds, according to the UK’s National Health Service. Looking back at these incidents, it’s clear what a cyber attack can do to a business. Whether you’re a big corporation or a small business, just one attack can turn your business upside down.
Foreign Intervention and Data Breaches
There was a lot of news coverage regarding outside intervention from Russian hackers. The Dutch AIVD prevented a Russian Secret Service hacking attack on the Organization for the Prohibition of Chemical Weapons (OPCW). On top of that, everyone knows about the Russian infiltration into Facebook. The Facebook-Cambridge Analytica data scandal incident is another big event that happened in 2018. With this scandal, millions of people’s data was used without consent, violating the company’s agreement with Facebook. The testimony of Mark Zuckerberg brought about the initial drop of 134 billion dollars. While Facebook bounced back from the scandal, things have changed across the landscape regarding data consent.
It’s important to be aware of where your data is going once given to a business, and important to prioritize your clients' data safety. The only way to stay safe is to always keep your technology updated and secured. Don’t fall behind and leave valuable information on an aging computer; that will do you no good in the long run. And this is just the beginning. Cyber attacks aren’t going anywhere anytime soon. It’s imperative to make sure you have cyber insurance for the long haul.
Next week, we'll take a look forward at what 2019 holds for the world of cybersecurity.
About Axis Insurance
At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (201) 847-9175 to speak with one of our professionals.
