Technology has drastically changed the landscape and the way we do business and how we look at business insurance. Many organizations heavily rely on mobile devices, computers and network systems to conduct their day-to-day operations faster and across distances and time zones. With technology, there are also increased vulnerabilities to various types of cyber risks (theft of data, malware, virus, etc) and costs associated to a privacy beach.
Coined the “Internet of Things,” as we connect more devices via the internet (home monitoring, banking, smart appliances, etc) to create efficiencies, we also increase our vulnerability to cyber attacks – both for businesses and individuals.
As technology evolves, so does the impact of risk. For individuals, awareness and knowing how to protect your personal information from being compromised are most important. For businesses, there is a need to have measures in place to proactively mitigate the risk and also reactive measures if the business is impacted. In addition to insurance to provide coverage in the event of a privacy breach, proactive measures to protect data should be implemented, audited and updated regularly to improve resilience.