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Top Five Causes of Data Breaches and Why Firms Should Buy Cyberliability

Because of advances in technology, companies have been able to grow and expand like never before. On the downside, cyber threats lurk around every corner, from hackers corrupting systems and networks to criminals attempting data breaches.

Because of the nature of their business, technology companies are at an increased risk to these types of threats. Here are some of the top causes of data breach and what steps you can take to ensure your company’s information is safe.

  1. Credential Theft: Hacking puts all of your sensitive information at the fingertips of individuals trying to steal your company’s most important information. In a recent study, 76% of data breaches occurred because of weak credentials. Password protection is essential to preventing hackers from entering your company’s networking systems.
  2. Application Vulnerability: Hackers use back doors and SQL injection accounts for almost half of all data breaches. Web applications are most vulnerable to this type of attack.
  3. Data on the Move: This type of breach involves stolen or lost-in-transit devices such as laptops, storage devices, hard copy reports, and hand-held devices. Securing these items during travel can help ensure that your sensitive information does not fall into the wrong hands.
  4. Insider Breach: This type of security threat involves insider attacks. Employees who can access company information can easily transfer firm financials, passwords, network and security access, etc. When employees go rogue, it is important to have a secure plan in place to prevent loss of data or worse.
  5. Employee Error: Employee negligence can inadvertently expose your firm to data breach. Some of these instances may be unpreventable, but it is important to educate your employees on how they can prevent data breach by following certain system protocols and implementing criteria each day that can help close the gap.

Maintaining a comprehensive cyberliability insurance and risk management program can ensure that your information is protected and that you will have a plan of action for managing the aftermath. Protect yourself and your firm’s credibility with an insurance policy custom tailored to your specific requirements. A TechAssure Association member can help you customize a cyberliability program around your unique risk profile. Please contact us for more information.

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