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Unfortunately, many business owners believe a data breach won’t happen to them, either because they think they have adequate protection in place or because they feel the information isn’t worth stealing. In reality, hackers often see these businesses as prime targets. Without the proper safeguards in place, your business could suffer a data breach that exposes sensitive information, disrupts operations and opens the door to an expensive lawsuit.
Why Cyber Security Matters
The majority of data breaches happen to small and mid-sized businesses. Consider the following stats* from a study released in 2017:
• All 50 states have data breach laws and notification requirements
• 53 percent of U.S. businesses have experienced a cyberattack in the past year.
• 68 percent of data breaches were attributed to an employee or contractor mistake.
• 38 percent of hacked businesses spent more than $50,000 to respond.
When a business suffers a data breach, the fallout can be tremendous. A single breach can trigger a variety of financial damages, including lawsuits, repairs, public relations, and expenses related to data breach notification. Here are some daily practices you can implement to help lower the risk of data breaches.
The Internet, data, and all its accompanying risks are not going away any time soon. Do your business, your clients, and your bottom line a favor by preparing for the risks before they cause serious damage.
* Source: “Half of U.S. Businesses Have Been Hacked,” 2017; https://www.munichre.com/HSB/business-hacked-survey-2017/index.html
This article is for general information and risk prevention only and should not be considered legal or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all risk of loss. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. Qualified counsel should be sought with questions specific to your circumstances. © 2018 Federated Mutual Insurance Company.