June 17 2021
Categories: P&C Solutions
Without a cyber security plan, the road to recovery and survival from a breach, hacking, or extortion event will be unmanageable. According to 2020 statistics, the average time of detection after a data breach was about 197 days. That’s almost 7 months of thieves ransacking through your business information. First line of defense is your Cyber Security Plan, Procedures and Employee Training. Cyber insurance does not stop your business from being a target.
The average cost of a data breach in 2020 was $8.64M. According to Selective Insurance, 28% of data breaches are directed at small businesses. Recent breaches in the headlines:
- Solar Winds – breach discovered in December 2020; exposed records of thousands of organizations and U.S. government agencies
- JBS Meat – Paid $11M ransom after cyber attack shut down operations in May 2021
- Colonial Pipeline – Cyber attack in May 2021 shut down 5,500 miles of pipeline and cost the company a $4.4M ransom to regain access to its systems
- CNA – Paid $40M in March 2021 to unlock data and regain control of its network
Cyber Security Plan – Where Do I Start?
Since you’re most likely not an IT expert, we’ve created these helpful tools to give you a starting point. Use them to have a discussion with your IT team about your cybersecurity readiness.
If you have no plan you have no protection. Koppinger & Associates, Inc. has resources to help you develop your plan. Secure your business network, data and customer information. Don’t allow criminals to take advantage of your company’s vulnerabilities and cripple your business. Contact us for assistance.