Brier Grieves January 4, 2015 No Comments

Cyber attacks have been in full force lately. If you work in cyber security you are surely familiar with the phrase “there are two types of businesses, those who have been breached and know it, and those who have and do not.”. The amount of cyber breaches in the past two years has skyrocketed and most likely will continue to.

We put a lot of it out there ourselves through our Social Media pages and sites we visit. All of that information makes it very easy for online predators to break into our accounts and reek havoc on our lives.

According to Bob Hartwig, president on the Insurance Information Institute, “Just about every business today needs cyber-insurance. More and more businesses are transacting online and the reality is its only going to increase as we move forward.

The type of policy you will need depends greatly on the size of your company and what types of transactions you have going on. A retail store accepting credit cards and online sales will need a much more comprehensive policy than small privately owned company.

Most recently in the news has been the cyber breech that happened to Home Depot. Luckily for the giant retailer they have $105 million in cyber insurance. Home Depot has said the breech reached 2,200 U.S. and Canadian stores. They also went on to say that there is no evidence that its customers’ debit card PIN numbers were compromised.

Home Depot said in its announcement that its continuing investigation is focused on “April forward” and they have taken “aggressive steps” to address the malware that infected its payment systems and to protect sensitive consumer data.