When cyber attacks hit home, will your staff be protected?
Frank Buonocore, Jr. Owner & Managing Partner Founders Insurance Group, Inc.
It was a privilege to learn the business of insurance from my grandfather, who led his own firm for many years, and much of the industry wisdom he shared with me I still apply here at Founders.
Just as valuable, if not more so, than learning the ins and outs of risk management were lessons in how to cultivate, care for, and nurture your staff. Good leaders know they are only as strong as the people around them, (and I’m particularly grateful for the Founders team!)
If an organization to going to succeed and truly prosper, can it really be any other way?
It thus surprises me how many leaders have a blind spot when it comes to protecting their organizations from threats posed by hackers, data thieves, and other cyber attackers.
Cyber attacks are big news, and sadly, increasingly routine. News stories understandably focus on customer data breaches. But while some verticals are much more data rich than others (read: the healthcare sector), every organization collects a bounty of personal data about their own employees, often parking it in less secure digital quarters than even the most basic customer info. No business is too big or too small to be targeted.
If customer exposure to cyber threats isn’t a concern, staff exposure should be. [TWEET THIS]
Sure, an organization may not have a database of employee credit card numbers, but who cares? Digital records that include name, address, social security number, date of birth, even medical information, tempt data thieves. Credit card numbers get canceled and rendered useless, but personal data remains valuable forever.
At Founders, we embrace technology and its positive transformations on our industry. But rampant cyber attacks represent the dark side of the digital revolution. According to the Ponemon Institute, 94% of health care organizations have suffered a data breach. Other verticals are not doing so hot, either.
Too many of these incidents can be avoided by using control methods. Besides protection from the consequences of a data breach, a good cyber liability policy will also include preventive services such as an expert assessment of an organization’s risk and an audit of its data practices, helping stop problems before they occur.
Organizations owe it to staff — and customers, of course — to take proactive measures to guard against data breaches as best they can. Part of that strategy includes a good, comprehensive cyber liability insurance policy.
To learn more about Cyber Liability and how you can protect your team – join us for a FREE Cyber Seminar on October 7th! – click here for details!
Frank Buonocore, Jr.
Owner & Managing Partner, Founders Insurance Group
The Founders Forum 