As businesses enhance their digital capabilities and begin to conduct more business over the internet, cybersecurity and data protection are becoming paramount. Failure to adequately secure data within a network can increase the chances of data corruption or data theft, both of which can have negative financial consequences for the impacted business. In 2018, the average cost of a single lost record was $148 with the average cost of a data breach involving more than one million records being over $40 million.
Topics: Data Protection
Over the past several years, there has been a significant increase in the frequency as well as the severity of data breaches. In 2018, ransomware attacks increased by 350%, spoofing increased by 250%, and spear-phishing increased by 70% overall. Furthermore, the average total cost of a data breach for an individual company increased from $3.62 to $3.86 million, an increase of 6.4%.
Regulations, technology and customer engagement are 3 huge issues concerning businesses in the insurance industry in 2018 and into the future. Insurance agencies, now more than ever, need to be leveraging the cloud in order to quickly adapt to changing customer expectations, emerge into new markets, and ensure data compliance, among many other reasons. According to a study done by Novarica, 70% of insurers are now using cloud computing in some shape or form. With the cloud computing market exploding, insurance agencies will continue to demand these services. Here are some of the following areas where insurance agencies can benefit from the cloud:
Wildfires have been torching California and the west this summer. It goes to show that there’s no better time to think about a Fire Preparedness Plan that involves the Cloud. In fact, fire/drought account for the largest portion of natural disaster-related deaths in the United States, according to the PRB (Population Reference Bureau). Fires can be spontaneous; electric fires, wildfires, kitchen fires, and flammables can pose serious threats to your family, home and business. For your business’ vital data, the Cloud is a safe, secure, and compliant response to any disaster threat including a fire. Here’s how to prepare your workplace for a fire:
High profile data breaches and leaks have brought a lot of attention to cyber security of late. With so much information now stored in the cloud, many people are naturally concerned about how to prevent data leaks. Although, in many ways, cloud storage is more secure than traditional on-site storage, there are still concerns. Here are seven good ways to make sure that your cloud data is secure:
The most important asset of any business is its data. And protecting that data is the priority of each and every CIO. With the onslaught of Ransomware on the IT world, protecting mission critical data has become a major challenge. Cyber security solutions alone are no longer enough to keep data safe, companies need to educate their employees on the best practices of data security and protection.
If Ransomware and other cyber threats are not a concern in your organization, they should be. The incidence of Ransomware is up to the highest of all time and shows no sign of decline. To get an idea of how you can reduce the impact of Ransomware on your business, check out these best practices on data protection: