Editor's note: Joshua Schmidt is vice president and chief information security officer of Vertafore
In the wake of recent widely publicized data breaches, security is a paramount concern for all businesses. According to a recent PwC survey, the number of data security incidents has increased globally across various industries by 25% in the last year. In the financial services industry, the survey revealed the average number of detected incidents increased by 169% since 2012, and the average total financial losses have increased significantly in the past year.
For independent agents and brokers, there are two sides to the data security coin: Although the increase in risk presents an opportunity to provide insurance to businesses in every industry, that same risk of an intentional or accidental data breach can threaten an agency's confidential client information.
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