Lloyd’s of London (the famous 329 year old insurance group) just published a report that says that a single Cyber attack could cause more than $100 Billion in damage to businesses around the world.
For comparison, Hurricane Sandy caused $71 Billion when it hit in 2012.
Many businesses, that have basic coverage for hurricanes and floods, have nothing in their insurance policies for cyber losses.
Your first step in protection is getting a good Information Technology provider. There’s no perfect protection, but having a company that gives you the latest protection is a start. It’s like remembering to shut and lock your door rather than waiting until a burglar has already broken in.
Your second step is reviewing your exposure, your potential losses from Cyber attack. What confidential information do you have on your computers? What can you lose if someone stops your computers with ransom-ware? Can someone get into your clients’ business or personal information from your systems? Sit down with your insurance advisor and review what you have now. Spend a little time and find out what decent protection would cost. And if you don’t have an advisor you can trust, call us ASAP at 855-467-2877 ext. 638
Article courtesy of our own producer, Glenn Tippy.