MMA Blog

No Business is Too Small for Cyber Criminals

We tend to think cyber attacks are reserved for the larger organizations. Business owners of smaller organizations often have the mindset of “this would never happen to me.” However, cyber criminals also target smaller businesses, so it is crucial all organizations are prepared for the worst. In fact, small businesses are three times more likely to be targeted by cyber criminals than larger companies, according to the Cybersecurity and Infrastructure Security Agency.

Cyber Risks

Any business that handles private information is at risk of breach and subject to cyber exposures. Private information includes personally identifiable information (Social Security numbers, birth dates, address, etc.), payment card information (financial data), protected health information, sensitive intellectual property or third-party business data.

Companies that use third parties to process their transactions or record keeping, such as payroll, employee benefits or billing, also have the potential for a cyber loss. Consider the possibility of that third party experiencing a data breach where you might be ultimately responsible for the breached records. Organizations often think using third parties absolves them from cyber risk, but the person collecting sensitive information ultimately has responsibility for that sensitive information regardless of where they are storing it. Downtime of a third party experiencing a cyber event can also cause interruption for a downstream organization.

Cyber Risk Management

Your first line of defense as a business owner is to educate yourself on how to prevent or mitigate a breach. Follow news reports, and take advantage of online materials available to help you prepare for and respond to attacks by cyber criminals. We recommend organizations take steps to better protect themselves such as implementing the Top 12 Controls.

Cyber insurance can be your second line of defense, providing support and a financial backstop in the case of a cyber event.

As your partner in comprehensive risk management, Marsh McLennan Agency focuses on guiding you in implementing strong cyber security controls while ensuring you have a cyber policy that best addresses your exposures and serves your needs.

Why Buy Cyber Insurance?

Cyber insurance helps provide coverage for items such as:

  • Breach response costs – Costs of legal, forensics and PR to help respond and recover from a cyber incident. Legal “quarterbacks” the incident by providing attorney-client privilege and helping guide through the complex landscape of data privacy laws. Forensics helps contain and remediate at a technical level. PR can help manage communications related to the event.
  • Privacy Liability and Regulatory Fines – All 50 states have data breach notification laws that include an obligation to notify those whose information has been exposed. We are also seeing an increased number of class action lawsuits brought forth by individuals impacted by these kinds of events. Regulations like HIPAA impose fines on organizations not meeting certain security requirements.
  • Business interruption – Covers loss of income or extra expense incurred due to a cyber event.
  • Contingent Business Interruption – Covers loss of income or extra expense due to a cyber event a third party is experiencing
  • Cyber Crime – Financial loss suffered arising from the use of computers or other means to commit fraud or theft of money, securities or other property

Remember, data comes in all forms, paper and electronic, and business owners need to protect data to manage risk. Stay one step ahead of cyber criminals by always staying prepared.

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