Cyber breaches are becoming increasingly common for businesses. But many aren’t yet talking about how to protect themselves in the case of a breach, according to a new report released this week by Zurich Insurance.
Over 88 percent of companies involved in the report said they thought cyber threats were a moderate risk, but only 52 percent of companies actually purchased related insurance coverage this year, according to the report.
Here are the biggest cyber risks for corporations as of 2014.
Social media plays an integral part of branding for businesses. But oftentimes, by utilizing social media for your clients, you’re gathering important information about them and their personal lives and information. This exposes your company to risk significantly and can lead to damages arising from privacy issues and, the worst, reputational damage.
In the survey, over 64 percent rated highest that in the case of a data breach, their reputation would go down. That survey also included social media reputation, which had a significant amount of respondent saying they would be negatively affected.
Cloud services are becoming more common, with information increasingly being streamed across multiple platforms. This is good, because it helps lower costs. However, the cloud is not infallible and is susceptible to cyber breaches, as we saw most recently during the celebrity nude photo leaks.
Sixty-six percent of respondents to the survey said that their companies had sued cloud services providers for such breaches in the last year, which was up 11% from the year prior.
As more and more companies have begun allowing employees to bring their own devices (BYOD) into the workplace, questions involving security and maintaining private versus company information on their mobile devices have become common.
Seventy-four percent of respondents said their companies had a mobile device policy, and 47% actually have a BYOD policy.