The Recent Attack Yields Valuable Lessons
If we were not concerned about cyber liability a year ago, we certainly are today. With the recent massive-scale Sony breach following close on the heels of Target and Home Depot hacks, public attention has turned to the way businesses are protecting their private information.
While the hack of a large corporation makes front-page news, even small businesses are exposed to cyber risk. Unfortunately, hackers are aware that many small businesses do not have the extra financing or manpower necessary to keep continually updated, rigorous safeguards in place. As a result, cyber thieves will target smaller business for an easier, albeit generally smaller, payout.
Fortunately for Sony, the estimated $100 million expense of their recent breach will be covered in full. According to Sony Pictures CEO Michael Lynton, the hack will ultimately not affect their budget for the year as their insurance coverage is able to offer full reimbursement. Although it may take some time for Sony to rebuild its good name with the public, until this hack is forgotten it will be able to stay financially safeguarded.
The FBI told Lynton that about 90 percent of American businesses would have fallen to the attacks levied against Sony. This raises the question- would you be protected? Knowing that hackers are always on the cutting edge of technology and are able to develop means against which we have not developed defenses, it becomes increasingly important to carry insurance coverage for the risk of breach.
Have you protected your business against the risks of the modern age? To get the coverage your business deserves, contact Hoffman Brown Company in Sherman Oaks. Our team of expert agents is here to ensure you have the cyber liability insurance your business needs to be safeguarded online, in the cloud, and beyond.