Cyber

What is the Cost of a Data Breach?

08.17.2020

Like any other variety of pervasive thievery, data breaches emerge with a ponderous cost. Data thieves utilize evolving criminal techniques to carefully slip past sub-par security measures and expeditiously dine on a company’s finest sensitive material.  According to IBM’s 2020 Cost of a Data Breach report, companies routed in 17 diverse provinces and thriving in 17 dissimilar industries all had one thing they shared—each courageously thwarted a devastating security breach in the last year.

Orchestrated by IBM Security and the Ponemon Institute, the team thoughtfully dissected the price tag for each slice of compromised records, including patron personally-identifiable information, or PII, worker PII, and intellectual property, otherwise called IP. Consequently, the analysis determined that consumer data sailed far past any other kind of compromised record, with 80% of breached firms grumbling that consumer PII was torn apart.

Nonetheless, the financial corollary varied attributable to a multitude of factors. In one instance, if the data breach stemmed from a malevolent strike, the price tag soared up to roughly $175. Equivalently, if an incident rocked anonymized consumer data, the typical cost was $143, but jumped to $171 when it was the direct product of a wicked digital raid.

Confidential information such as addresses, social security numbers, bank account information and the like, are mouth-watering delicacies to ravenous cyber-criminals. Plan sponsors who captain employee benefit plans for their company are at risk of surrendering these valuable items when careful cybersecurity planning is tossed aside. At Colonial Surety Company, we never want your company to be unprepared in the event a cyber-breach occurs. That’s why we have Cyber Liability Insurance for plan sponsors!  Our cyber protection covers both the company and the company’s retirement plan. Cyber Liability Insurance is available in our two-to-three-year ERISA bond packages, which include ERISA coverageFiduciary Liability Insurance, and Cyber Liability Insurance, to give you the best value of the coverage you can’t get anywhere else! Click here to get the coverage your company and its employees deserve.