At a panel presentation/discussion titled "Hacked: The Implications of a Cyber Breach," hosted by Travelers in New York City, Timothy Francis, enterprise lead for Cyber insurance, noted that although most of the cyber breaches that make the headlines are from large, national companies, the smaller breaches of local companies are far greater in number.
Francis noted that 62% of cyber-breach victims are small to mid-size businesses, which are at the greatest risk for an attack. Their level of preparation is low, and the costs of customer notification alone can be enough to do a small company irreparable financial harm.
Mark C. Greisiger, president of NetDiligence, which provides cyber risk assessment and data-breach crisis services, noted that healthcare and financial services are the two most affected industries at the moment. Those small to mid-sized financial services businesses include many of the insurance agents and brokers in the U.S.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.