International Door & Operator Industry

NOV-DEC 2017

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

Issue link: https://idoi.epubxp.com/i/901171

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V O L U M E 5 0 I S S U E 6 D E C E M B E R 2 0 1 7 73 Continued on page 74 ASSOCIATIONNEWS With the rate of data breaches or security incidents on the rise, cyber insurance has become an essential tool for small and midsized businesses. As an IDA member, it's your responsibility to protect your customer information and data—with even a minor security issue having a major impact on your business. That's why cyber insurance has become an essential part of any modern risk management strategy. This critical coverage is designed to be the barrier that protects your business from a wide range of technology-related risks. 6 CYBER INSURANCE FACTS YOU NEED TO KNOW Most general liability insurance policies do not cover cyber, and if they do, it's usually on a very limited basis. 1. Any business that stores "personally identifiable information" (i.e., employee birthdates, social security numbers, client information) is legally obligated to protect and secure that information. 2. When a cyberattack occurs, many businesses must interrupt their operations. Cyber insurance helps to recover lost income from downtime. 3. Cyber insurance is fast becoming a priority, and many organizations are requiring that their vendors have one before entering into an agreement. 4. Small and midsized businesses tend to be most vulnerable, as they often don't have the infrastructure and capital to recover from a breach effectively. 5. Even if you outsource network security, data management, and payment transactions, as the original data owner, you will likely be named in third-party lawsuits in the event of a breach. IT COULD HAPPEN TO YOU No business is safe from privacy breaches and cyberattacks, and hackers grow more sophisticated each day. The demand for cyber insurance has grown as a result, and a recent study found that 31 percent of companies have purchased some type of cyber policy. More than 25 insurers now offer this type of insurance, and all these carriers offer coverage for both first-party and third-party losses. • First-party coverage insures for losses to the policyholder's own data or lost income or for other harm to the policyholder's business resulting from a data breach or cyberattack. • Third-party coverage insures for the liability of the policyholder to third parties, including clients arising from a data breach or cyberattack. By Andrew Stergiou And What It Means for an IDA Member CYBERCRIME —— BY THE NUMBERS —— 16,856 NUMBER OF BUSINESSES THAT EXPERIENCE CYBERATTACKS EACH YEAR. THAT'S 46 ATTACKS EVERY DAY - OR NEARLY TWO ATTACKS AN HOUR. 47% 556 MILLION NUMBER OF CYBERCRIME VICTIMS PER YEAR $575 BILLION ANNUAL COST OF CYBERCRIME TO GLOBAL ECONOMY $100 BILLION ANNUAL COST OF CYBERCRIME TO U.S. ECONOMY 1. IBM 2. Poneman Institute 3. Symantec 4. Intel Security and the Center for Strategic and International Studies 5. Intel Security and the Center for Strategic and International Studies PERCENTAGE OF AMERICAN ADULTS AFFECTED BY DATA BREACH IN THE PAST YEAR And What It Means for an IDA Member

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