The first data breach of 2019 happened less than 24 hours into the new year. In January, an estimated 30,000 Australian civil servants in the state of Victoria had their private information stolen through an unauthorized third party. Just last year, billions across the world were also impacted by breach after breach.
Over four in ten businesses and two in ten charities experienced a cyber security breach in the past twelve months, according to the 2018 Cyber Security Breaches Survey. As technology has continued to develop and become ubiquitous in business operations across all industries, cyber attacks and data breaches have unfortunately become a mainstay for businesses. Every business uses technology to keep things running, and it’s impossible to not have some kind of technological presence. As businesses increase their technology use, they must also increase their cybersecurity measures, which includes Cyber Liability Insurance.
Almost half of all small businesses have been hit by an attack, and over half of those end up closing their doors within six months. Every agency should include security and privacy liability measures inside their staffing agency insurance program.
The Benefits of Cyber Liability Insurance
Cyber insurance isn’t going to prevent an immediate cyber attack, but it’s there to help you deal with the inevitable fall out of one. Once your data has been stolen, there are several critical steps that must be taken to recoup your losses.
You’ll know that your data has been compromised when malware has been installed on your systems and someone has asked for ransom money to take it off. Other exposures include working with third-party vendors. That’s the kind of thing that leaves you vulnerable. If an attack happens, expect to pay up to $50,000 in damages.
This is why having an extensive policy through your staffing agency insurance is essential for a business to flourish. Don’t let a cyber attack rob your business of its time, money or resources. Not having this crucial coverage means your business is left to the wolves; maybe nothing will happen, but no one can guarantee that. One should always be more safe than sorry. You don’t want to be stuck footing the bill for an expensive lawsuit.
Additional Cybersecurity Measures to Implement
You don’t have to sit around and wait for a cyber attack to hit. Having cyber security management is key to protecting your staffing agency. Get the proper cyber security protocols in place, including network security, regular system upgrades, and conversations with employees to ensure that everyone is committed to protecting the organization’s data. When the worst happens, everyone needs to be effectively covered.
Think about all the private, confidential data that can be exposed in the blink of an eye. But having insurance coverage is the best way to make sure that if this does happen, it’s going to happen as smoothly as possible.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (800) 245-9653 to speak with one of our representatives.