Are you worried about security online? Cybersecurity insurance is something that should be top of mind for every business owner.
68% of construction executives have no cybersecurity measures in place (Helpnet Security)
GlobalData predicts that the industrial sector’s value will soar to $12.9 trillion in 2022. After rising consistently by 3.6% for more than 5 years, this industry is catching the eye of cybercriminals. Over half of construction executives believe their firms will be hit in the future, but 68% have no cybersecurity insurance or measures in place.
In addition:
- 68% of business leaders feel cybersecurity risks are increasing (Accenture)
- On average, only 5% of company files are properly protected (Varonis)
- Data breaches exposed 36 billion records in the first half of 2020 (RiskBased)
- 45% of breaches featured hacking, 17% involve malware, and 22% involve phishing (Verizon)
- Top malicious email attachment types are .doc, .dot, and .exe (Symantec)
- 300 billion passwords are used by humans and machines worldwide (Cybersecurity Media)
Are you current on cybersecurity Insurance and industry news?
Businesses must stay up-to-date on the evolving threats to their IT infrastructure data. While the constant stream of information on all things cyber can be overwhelming, Dominion Risk Advisors, Inc. is here for you and we can share outside resources as well.
Do you know all of the cyber exposures your business faces?
Organizations of all sizes must be proactive to protect against growing cyber threats. Resources like our Cyber Risk Exposure Scorecard ensure that, you have the due diligence tools necessary to prepare your organization for unique cyber exposures.
Do your employees have all the training they need?
Train your employees! This is the most important cyber risk management step. Due to the complexity of this matter, please consult your attorney, accountant, insurance broker, and other professional advisors for resources. In addition, our employee training manuals and tools can be very beneficial.
Dominion Risk Can Help
Cyber Security Planning Guide
Understanding the full scope of your exposure to cyber loss is daunting. It requires knowledge of the types of breaches, common risks, exposure identification methods, and risk mitigation. Our cybersecurity planning guide will assist with each step and help you set priorities.
Cyber Newsletters
Our bi-monthly cyber risk and liability newsletter features information about emerging risks and security tips. This resource is useful for IT and risk management professionals as it features two full-length articles that highlight important current events and other valuable cyber safety advice.
Risk Exposure Scorecard
Our Cyber Risk Exposure Scorecard is a tool to assess your level of cyber risk. It can help determine the coverages and limits needed to establish your risk management priorities.
Cyber Insurance Considerations
When applying for cyber liability there are many important considerations.
- Do you have the option to use the professionals you prefer, i.e. your attorney or IT consultant?
- Do you have adequate controls in place to give you the buying power to get competitive pricing and high-quality coverage?
- Does the coverage meet the identified need?
- Does your insurance broker understand the risk management, mitigation, technical and insurance aspects of cyber liability?