Are You Cyber Savvy?
Digital breaches devastate your business. From loss of customer trust to prolonged law enforcement investigations to customer lawsuits, you will not only have to deal with time–consuming issues, but issues that will put a dent in your pocketbook. In an already challenging business environment, owners don’t have room for secondary interruptions that could further hamper sales or reputation.
So, just how cyber savvy are you? Take the quiz to find out!
1. What percentage of cyber security events are caused by human error?
D. Human Error? I NEVER make an error!
2. What percentage of businesses properly protect their folders?
D. Folders? You mean those paper files in the cabinet?
3. What is the average cost per record during a data breach in the United States?
D. What? How does information cost anything?
4. What is the estimated percentage of companies that carry cyber-related protection insurance in the United States?
B. Less than 50%
C. More than 50% but less than 90%
D. Ha! Why would I spend THAT kind of money?
Let’s see your results …
Question 1: If you answered A, then you are CORRECT! Ninety-five percent of all cyber security events are caused by human error from within your organization.
Errors can range from clicking on suspicious links to downloading malicious files to losing company laptops or phones. The most common of these is employees downloading malicious files from phishing schemes — one of your biggest threats.
If you answered D – consider this – phishing is easy; cyber criminals bait the line and wait for fish to bite. You can help to protect yourself by providing regular training to your employees to ensure they are aware of threats and how they can watch for them. Additionally, and similar to mock recalls that the manufacturing industry uses, there are also companies who will “test” your systems to determine your threat level.
Question 2: Congratulations if you answered B; you’re probably ahead of the other 95 percent. If you answered D, well, just remember digital files need to be protected as well.
Originally “data breach” insurance policies started with a focus on paper files being exposed. There is only one way to really encrypt a paper file and that is with a sharpie.
Regardless of whether your files are electronic or paper, you are legally obligated to protect customer data. Failure to do so can not only result in costly insurance claims, but significant fines and penalties.
Question 3: If you answered A, then give yourself a pat on the back! Taking into consideration all countries, the average cost of a record is $150; however, the average cost in the U.S. is $225!
Record costs are one of the more expensive parts of a cyber breach and generally consists of customer notification, credit monitoring, legal judgments and regulatory penalties. The more customers you have, the higher your exposure.
Question 4: The correct answer? B. Less than 50 percent of companies in the U.S. carry the necessary cyber protections.
This is a big issue because your exposure is ever-present. Just because you haven’t experienced a cyberattack, doesn’t mean it can’t (and won’t) happen to you. It’s like saying that you won’t ever get into a car accident because you have never been in one.
With Security America, alarm companies can purchase a cyber insurance policy for as little as $304 per year — approximately $25 per month — that would provide major protections and digital expert assistance. The average cost of a cyberattack for a small business is $200,000. Is that a gamble worth taking?
Call Rhett Butler or Crystal Jacobs at 866-315-3838 for more information on the Security America Insurance Program and let us help you make sure you’re protected when it comes to your digital business operations.