Cyber Risk, Not Just To Protect Your Computer

Cyber Risk Survey
Recently The Business Journal published a report on cyber risk, and we thought the results would be good to share with you. While a majority of U.S. finance executives now see high-profile cyber-breaches as a major risk, many still have inadequate cyber insurance coverage. That finding comes from the Association for Financial Professionals’ survey of executives in corporate treasury, finance, and banking at its annual conference in Washington, D.C. Results are based on the 970 responses generated by the survey.1
The Survey Results

• About 32 percent of respondents rated cyber risks as highest on a five-point scale. Another 28 percent slapped a “very high” label on those risks.
• A whopping 31 percent of respondents don’t carry any cyber insurance.
• Approximately 6 percent of companies uninsured for cyber risk picked up the coverage in the last year, and 15 percent increased existing coverage over the last 12 months.
• That contradiction between acknowledging a cyber risk problem and taking steps to address it is in play even as many of these executives admitted that cyber breaches could harm financial institutions and cause loss of faith in electronic payments technology.
• A solid minority of respondents also agreed that high profile breaches of cloud services and personal devices, successful large-scale attacks by foreign entities, and high profile data breaches at retailers would greatly harm business activity.

How to Reduce your Cyber Risk

• Outsource credit card handling with a reputable vendor.
• Use more complex passwords with a combination of letters, numbers and symbols.  Here is an example (MP#09xT28S%).
• Don’t save passwords on your computer.
• Question your internet security at every level, including email. It may be time to encrypt all emails.
• Use the latest security software.
• Do not allow laptops to leave the office without proper security.
• Train your employees on cyber security.
• Do not use an open network.

 Cyber Insurance
We can provide your firm with the right combination of pricing and coverage. Cyber risk    insurance is available at very reasonable premiums. Many of our companies offer coverage to help protect your business from loss.
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Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service.
1 www.insurancejournal.com