Our friends over at egress sent us this really great infographic that shows the current state of cybersecurity and data breach issues surrounding costs, incidence rates, and those most effected. The numbers are based on data collect by the UK-based Department for Business Innovation & Skills, but in an ever-growing global economy, they certainly have implications worldwide.
The key takaways for startups include the following:
- 60% of small businesses surveyed reported a data breach. Startups can be a real target for hackers.
- 10% of those that reported suffering a data breach had to change the nature of their business due to the reputational damage sustained. For startups, reputation is everything as the fragile brand is carefully strengthened. One data breach instance could cause irreversible harm and compromise tons of hard work.
- Costs have DOUBLED from last year for both small and large businesses.
- 31% of breaches were due to human error. This resonates with a previously conducted study by a US entity showing that employee negligence is a massive cause of data breach incidents. In a startup environment where many employees are working on the go and off personal laptops, this can be a huge threat. All it takes is 1 employee leaving a laptop or cell phone in a taxi to cause a massive loss.
All of this continually demonstrates the need for risk mitigation on the cyber front. We’ve created this quick handy cyber liability checklist and of course we’re always available to talk about Cyber Liability insurance.
Cyber Security is important. Reach out to us and we’ll help you get the coverage you need to protect you from liability you have little control over.
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