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HSB study shows 69 percent of businesses experienced hacking attacks
Risk managers worry not enough resources dedicated to combat data theft
Are U.S. businesses doing enough to protect themselves from cyber attacks? The answer is no, according to an HSB survey of professional risk managers, who reported that 69 percent of their companies experienced at least one hacking incident in the past year.
Cyber security is a big concern
System security is a big concern for the risk managers. Yet, more than half (55 percent) of those responding don't believe their company is dedicating enough money or trained and experienced personnel to combat the latest hacking techniques.
Businesses need to anticipate hacking trends
"Hackers have evolved and so have their methods of attack," said Eric Cernak, Cyber Practice Leader for Munich Re. "Simply reacting to new threats is not enough. Businesses of all sizes need to anticipate hacking trends and deploy the resources necessary to protect their private or sensitive information."
Risk managers play an important role
Of the risk managers polled by HSB at the 2015 Risk and Insurance Management Society Conference (RIMS) in New Orleans, 63 percent represented large enterprises, followed by 30 percent at mid-sized organizations and seven percent at small businesses.
Cloud technology is a growing exposure
The cyber survey revealed a notable exposure and concern about cloud technology, with loss of confidentiality viewed as the biggest risk (76 percent). Risk managers worry most about the breach of personally identifiable information (53 percent).
Too many businesses lack insurance coverage
In order to protect their private information, 46 percent of risk managers say their business has either purchased cyber insurance for the first time or increased its level of coverage in the last year. Thirty-six percent of businesses do not have any level of cyber coverage.
Penetration testing and employee education
When asked what services they would be most interested in deploying to combat cyber risk, risk managers point to intrusion detection/penetration testing (32 percent), employee education programs (25 percent) and encryption (25 percent).
HSB can help protect critical data
Every business, regardless of size, should purchase insurance coverage to help protect the private information of customers, employees and others. HSB offers affordable insurance programs for cyber risks, data breach and identity theft that are easy to add to your business policies.
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