For any businesses on the fence about buying cyber liability insurance or improving information security, the value of confidential data to cybercriminals should never be underestimated, according to a recent whitepaper developed by Cyber Data-Risk Managers, a specialist agency in New Jersey, and EiQ Networks.
Citing data indicating that one health insurance credential can be worth $20 on the digital black markets, the authors of the paper translated that estimate into a multi-million dollar impact, even for small organizations.
“Today’s attackers do not qualify prospective targets on company size, as they’re looking for vulnerable prospects that have valuable customer data that they can steal and then sell on the black market offering them a high (ROI) return on investment,” they noted.
The two firms recently held a webinar directed at smaller businesses to clear up misunderstandings that they may be too small to be targets.
“Today, all it takes is one data breach to deal a fatal fiscal blow to your company,” stated Christine Marciano of Cyber Data-Risk Managers. “As a result, more and more companies are discovering that cyber insurance with data breach response services is an ideal solution to help limit the damages and costs of such an event and to ensure business continuity if the worst should happen.”
The white paper is available online now.
Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
