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The Cyber Risk YOU Should Worry About

The Cyber Risk YOU Should Worry About

We have written on this blog many times about the importance of cyber liability insurance for businesses. Even with all of the articles and advice, the coverage still isn’t taken as seriously as other parts of the insurance portfolio. The fact is, you may think that your business isn’t big enough to worry about cyber risk. After all, foreign hackers are more interested in big business. What would they want with your little company? Just as there are large businesses, there are large hackers. And there are small hackers who would be happy to take down even a small business for the potential windfall. The thing that might surprise you isn’t WHO wants to get your data, it’s HOW they are going to get it.  The easiest way?  Through your employees. Accidental: The Lost/Stolen Laptop Your employee stops at the airport bar to have a drink prior to a flight and leaves the laptop on the floor. By the time he realizes it is gone, he’s already in Poughkeepsie and the bag is in Orlando.  Maybe it got turned into the lost and found, but more than likely it didn’t. A lost or stolen laptop for most people and businesses may just be a nuisance. The cost to replace the laptop these days can be minimal, but what about any customer data that may be on the laptop, or proprietary information? In the wrong hands that data can translate to stolen identities and thousands of dollars in lost revenue for your business. Calculate the cost to notify your customers, as well as the cost for credit monitoring and loss...
Cyber Liability Enemy #1: Hackers or Slackers?

Cyber Liability Enemy #1: Hackers or Slackers?

When it comes to your company’s cyber security, you probably think that your biggest threat comes from hackers.  You might imagine someone in a darkened room on the other side of the world working to penetrate your company’s important data and financial records. What if a hacker isn’t your worst nightmare?  What if the cyber breach you’ve been worried about happens right in your own back yard, through your own network, at the hands of one of your employees? The threat you might not have been looking for is the Cyberslacker.  An employee using a smart phone, tablet or even a company-issued laptop or computer could be your biggest threat. What is a Cyberslacking? Cyberslacking (also known as “goldbricking” or “cyberloading”) is defined as an employee that uses company resources such as the internet for personal reasons during business hours.  This is not a new term.  Newsweek first mentioned it a 1999 article citing lost productivity. A study by the American Management Association estimated that only about half of all workplace internet usage was business related, resulting in billions of dollars in lost time and revenue.  Over the years that number has ballooned, reaching an estimated $650 billion through 2012. While lost revenue due to productivity is a huge concern, it isn’t the only concern you may be facing.  Data breaches due to cyberslacking can cause even more damage than previously thought. Some Breaches Are Unintentional Employees using company internet connections for personal use can sometimes inadvertently expose your business network to risk.  Downloading pictures or documents, even watching videos or listening to music through your network from personal...