Meeting the challenges of increasingly sophisticated and frequent cyber threats.
GJS Re has been analyzing Cyber insurance policies for many years and can offer advice on both stand-alone coverage as well as bolt-on endorsements. Give us a call!
Protecting personal information has become more challenging as technology continues to advance. Every person and every electronic device is more “connected” than we might ever understand, with the “Cloud” and the ”Internet of Things” (IoT) just the latest tools in the evolution of the information age.
Cybercriminals have also evolved, finding new methods to hack into “secure” systems to steal our information. New security breaches are reported every day and involve everything from weaponized ransomware, to misconfigured cloud storage buckets, social engineering, and phishing email scams. The number of records stolen or exposed in a single hack has reached hundreds of millions, as we saw with Equifax in 2017, and even billions (Yahoo in 2013).
Importantly, for those businesses that suffer a systems breach, the financial consequences are significant. The annual IBM-sponsored study independently conducted by the Ponemon Institute reports that the average cost of a breach in 2017 was $3.62 million, with the average cost per record at $141 based on an average of more than 24,000 records. These financial costs are driven by Federal & State legislation requiring notification of security breaches involving personal information. The costs add up quickly!