#CyberFLASH: Is cyber-liability insurance the answer to data breaches?

 FEATURE-encryption-graphic-1-SHUTTERSTOCKThere is no doubt the world can be a scary and threatening place in which to do business. Cyber attacks are on the rise. Estimates show cybercriminals unleash 3.5 new threats targeting small and medium businesses every second.

Small businesses are now the target of 31 per cent of all attacks, a three-fold increase from 2011. And 29 per cent of small businesses have experienced a computer-based attack that affected their reputations, involved the theft of business information, resulted in the loss of customers, or experienced network and data centre downtime.

Verizon recently published its “2015 Data Breach Investigations Report,” which highlighted a number of interesting trends. The top three industries affected by cyber attacks are public (public admin, justice, public order and safety activities, electric, gas, and other utilities), information (publishing industries, software publishers, motion picture and sound recording industries, broadcasting, telecommunications, data processing, and hosting and related services) and financial services (finance and insurance, securities, brokers, banks, credit unions, and insurance). In 60 per cent of cases, attackers are able to compromise an organization within minutes.

Verizon also reported there were an astounding number of malware events (170 million) across all organizations — approximately five every second. In 2014, POS intrusions made up 28.5 per cent of attacks, while crimeware made up 18.8 per cent, cyber-espionage 18 per cent, and insider misuse 10.6 per cent. Denial of service attacks were only 0.1 per cent of incidents reported.

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