Recently the 2016 Allianz Risk Barometer rated "Cyber Incidents" which includes cyber crime, data breaches and IT failures as the #2 risk, up from #4 in 2015. So why are so many business leaders concerned over the current state of data and in particular having a third party either steal or destroy their sensitive data?
Simple, the frequency and severity of cyber attacks are increasing. A 2014 study that found as many as 93% of businesses that suffered a major data loss went out of business within 5 years. These are scary numbers for business owners, particularly as IT can be difficult to understand and stay on top of when technology changes so quickly.
But don't panic. The first step is to take a step back and think about the four major components of Cyber Risk management:
- Develop strategies to prevent breaches
- Know your disclosure responsibilities
- Crisis management and response planning
- Protecting your data with Cyber Liability insurance
To learn more about the details of these four components check out our one page guide:
