Cyber breaches are becoming increasingly common for businesses.But many aren't yet talking about how to protect themselves in thecase of a breach, according to a new report released this week byZurich Insurance.

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Over 88% of companies involved in the report said they thoughtcyber threats were a moderate risk, but only 52% of companiesactually purchased related insurance coverage this year, accordingto the report.

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Here are the biggest cyber risks for corporations as of2014.

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Social Media

Social Media plays an integral part of branding for businesses.But oftentimes, by utilizing social media for your clients, you'regathering important information about them and their personal livesand information. This exposes your company to risk significantlyand can lead to damages arising from privacy issues and, the worst,reputational damage.

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In the survey, over 64% rated highest that in the case of a databreach, their reputation would go down. That survey also includedsocial media reputation, which had a significant amount ofrespondent saying they would be negatively affected.

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Cloud Services

Cloud services are becoming more common, with informationincreasingly being streamed across multiple platforms. This isgood, because it helps lower costs. However, the cloud is notinfallible and is susceptible to cyber breaches, as we saw mostrecently during the celebrity nude photo leaks.

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Sixty-six percent of respondents to the survey said that theircompanies had sued cloud services providers for such breaches inthe last year, which was up 11% from the year prior. 

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Mobile Devices  

As more and more companies have begun allowing employees tobring their own devices (BYOD) into the workplace, questionsinvolving security and maintaining private versus companyinformation on their mobile devices have become common.

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Seventy-four percent of respondents said their companies had amobile device policy, and 47% actually have a BYOD policy.

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