At a panel presentation/discussion titled "Hacked: TheImplications of a Cyber Breach," hosted by Travelers in New YorkCity, Timothy Francis, enterprise lead for Cyber insurance, notedthat although most of the cyber breaches that make the headlinesare from large, national companies, the smaller breaches of localcompanies are far greater in number.
Francis noted that 62% of cyber-breach victims are small tomid-size businesses, which are at the greatest risk for an attack.Their level of preparation is low, and the costs of customernotification alone can be enough to do a small company irreparablefinancial harm.
Mark C. Greisiger, president of NetDiligence, which providescyber risk assessment and data-breach crisis services, noted thathealthcare and financial services are the two most affectedindustries at the moment. Those small to mid-sized financialservices businesses include many of the insurance agents andbrokers in the U.S.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
