Every day you can read at least one news story about a company whose data was hacked or one that had personally identifiable information compromised. With all the attention given to cyber incidents and the number of cyber security products available, you'd think that hacking incidents would be decreasing.

But a study of business risk managers released June 4 by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, found that close to 70% of businesses were hacked at least once in the last year. The study also found that more than half (55%) of the risk managers surveyed don't believe their company is dedicating enough money or trained and experienced personnel to combat the latest hacking techniques.

"Hackers have evolved and so have their methods of attack," said Eric Cernak, Cyber Practice Leader for Munich Re. "Businesses are on high alert, but they can do a lot better. Simply reacting to new threats is not enough. Businesses of all sizes need to anticipate hacking trends and deploy the resources necessary to protect their private or sensitive information."

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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].