Our world has changed a great deal in the past 10 years, with multiple technological advances and the rise of the digital age making sending and receiving information easier than ever. However, as with many such advances, there come an added risk. A recent Insurance Business America article reported 80% of business will experience a data security breach within 12 months.* Such a breach opens up business to loss of data, exposing the business, its clients, and employees to risks such as identity theft and potential lawsuits.
The insurance agency recognizes these digital risks, and has begun to take action to protect itself and its customers. Agencies are beginning to offer “information security”, “privacy”, or “cyber risk” coverage. Those the names may vary, the intent is the same: to protect individuals and business from cyber threats.
If you haven’t yet, it’s time for your agency to get on board. Cyber security is becoming increasingly relevant, including being named as the key initiative for 2015 by the National Association of Insurance Commissioners (NAIC). You can start to ready your agency by addressing cyber security through:
- Educating employees on good data security practices
- Employing multiple individuals to monitor threats
- Outsourcing data security management for constant vigilance
- Providing cyber liability coverage to customers
- Purchasing liability coverage for your agency
- Educating yourself on the latest agency practices and trends in cyber security
In our next series of blogs, we will explore in detail how to protect your agency and your customers from cyber threats. We at SIS are committed to investigating cyber security and implementing policies to protect our clients and their data. To find out more about how we’re working to protect you and your agency, contact us at 800.747.9273.