3 Reasons Your Business Needs Massachusetts Cyber Liability Insurance

Posted by Peter Valentino on Mar 26, 2015 11:30:00 AM


 

Times change and so do the threats to your business. As we become more reliant on computers and technology in our daily business lives you want to ensure that your employee and client information are safe and that you are compliant with Massachusetts and Federal data security laws. Here are three ways someone might be able to breach that security and obtain your private business information.


 

  1. Mobile devices have become a vital tool in keeping up with the new demands in business. How many of us would be lost without our cellphones to check that important email or listen to that client voicemail? Maybe like more and more business these days your employees work from home on a company laptop or tablet. What would happen if one of these mobile devices were lost or stolen? According to a 2013 NetDillegence Cyber Liability claims study; this is the most frequent cause of loss accounting for 20.7% of all cyber liability claims.
  2.  Paper? Yes paper. “Dumpster Diving” remains a very efficient way for someone to get ahold of your businesses private information. Client account printouts, letters and invoices all can contain personally identifiable information and when not handled or disposed of properly can provide a windfall to someone who would take advantage of that.
  3.  Network intrusions or “hacking” is in the news more than ever because it is becoming more prevalent and because it tends to garner a lot of attention due to the sheer number of records stolen by this method. “Hackers” are becoming more skilled at intrusion and are gaining access to a company’s information even when they have very sophisticated security measures in place.

PercentageofClaimsbyCauseofLoss

Source NetDiligence 2013 Cyber Liability & Data Breach Insurance Claims



So what can you do to protect your business? Encrypt and secure your mobile devices. Train your employees in proper procedures for paper record handling and disposal. Strengthen and monitor your network security. And to protect yourself when and if those measures fail you can insure your business with a Massachusetts Cyber Liability insurance policy which will help you to manage and clean up the breach and get you back to business as usual.

Is your business at risk?  Take our cyber risk assessment to find out.

 Take Cyber Risk Assessment


 

Topics: Cyber Insurance

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