Cybercrime, including identity fraud, is the world's fastest-proliferating criminal threat. According to Interpol, cybercrime, which used to be committed by expert individuals, is now perpetrated by organized syndicates that target big and small businesses alike. The crime-enforcement association estimates that, to date, such organizations have stolen up to $1 trillion in intellectual property from businesses worldwide.
And even though the average cost of a data breach jumped by nearly a million dollars between 2009 and 2010, only 23 percent of U.S. businesses now have formal Internet-security policies in place.
While there is no sure firewall against smart and determined criminals, Tim Francis, vice president of portfolio management at Travelers Bond and Financial Products, discusses how equally determined organizations can maximize their insurance protections against data thieves.
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