Is Your Business Safe From Cyber Attacks?
You have done all you can to physically and financially safeguard your business. You have installed security systems in your building, passwords on your networks, and set strict financial guidelines in place. Have you, however, prepared for the possibility of a cyber attack? If the recent hacks at Target have taught us anything, it is that these types of attacks are both common and costly. Although $40 million of the expenses around Target’s breach were covered by their cyber liability insurance, the company ended up paying $20 million out of pocket.
SEC Commissioner Luis A. Aguilar recently gave a speech at the New York Stock Exchange titled “Boards of Directors, Corporate Governance and Cyber Risks: Sharpening The Focus.” In it, he underscored the importance for all businesses to put an emphasis on their cyber security. Particularly, he called upon boards of directors to get involved in overseeing the protection of their companies in the cyber realm.
Aguilar said that business owners and boards of directors should reference the “Framework For Improving Critical Infrastructure Cybersecurity” for guidelines on how to best prepare their business to defend itself against cyber attacks. This is a report from the National Institute of Standards and Technology and Aguilar says he expects it will become the standard of best practices for businesses in the near future.
Did you know that standard business insurance policies do not protect your company from the costs associated with data breaches and cyber damages? Contact Hoffman Brown Company in Sherman Oaks for all of your California commercial insurance needs. We can help you assess your cyber risk and get you the coverage you need to safeguard your business against it. We can protect you against first and third party risks. To get the protection you need for your network, call us today!