If you’re not familiar with the name Ashley Madison by now, there’s a good chance that you’ve been living under a rock for the past week or so. No, Ashley Madison is not the girl next door. In fact, the question is not who is she, but what is it? Ashley Madison is website for married people who are looking to cheat on their spouse. Morals aside, this website that had a membership of around 37 million recently suffered a hack in which customer’s names, address, credit card, and profile information were released. Included amidst the hack reportedly are celebrities, Vatican officials, UN members, and high name government officials. With that much info, the repercussions go far beyond social. This only solidifies that cyber is an absolute for an all cyber world.
Although this latest data breach is just another in a long list of mega million companies such as Target, Sony, and Home Depot, data breaches are not exclusive to just large companies. The truth is that companies with 10,000 records are 3 times more likely to be hacked than those companies with 100,000 or more. Companies that are smaller are less likely to have the same defense capabilities as those that are larger in turn, making it an easy target for hackers.
Cyber liability today is the fast growing insurance product on the market. From 2013 to 2014, the market literally doubled to 2 billion in market capacity. In fact, the markets growing so rapidly, that it’s estimated to be higher than 10 billion by the year 2020. With data breach becoming a commonplace occurrence and the stringent laws in place about companies notifying clients in the case of stolen data, the cost could be devastating for small business America. To notify one client, it can average can cost anywhere from $5 to $30. Now multiply that by your client records and see if it’s in you budget. If it’s not, a cyber liability policy may be much more budget friendly and can help with all the pains of being violated in the cyber world.
If you have questions regarding your Oklahoma City cyber liability insurance, ECI is always here.
Contact us at (405) 373-2977.