Indagard Insurance Services Guide to Cyber Risk and Insurance
A helpful guide to how the Notifiable Data Breach scheme affects your business, the threats of cyber risk and the role insurance plays to keeping your business open for business.
A helpful guide to how the Notifiable Data Breach scheme affects your business, the threats of cyber risk and the role insurance plays to keeping your business open for business.
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INDAGARD INSURANCE SERVICES<br />
Another thing <strong>to</strong> keep in mind, is the fact that often the<br />
breach is not discovered immediately.<br />
Usually the attack runs in the background getting all the<br />
incoming information straight <strong>to</strong> the bad guy on the other<br />
end.<br />
The longer the attack happens, the higher the cost.<br />
Multiply those costs by hundreds or thous<strong>and</strong>s of records<br />
<strong>and</strong> you can see how quickly the numbers grow.<br />
THE HARDEST COST TO<br />
QUANTIFY IS THE LOSS OF<br />
CUSTOMER TRUST<br />
If you knew your best friend’s data was compromised<br />
because he was doing business with Company A, would<br />
you willingly give them your personal information?<br />
Of course not.<br />
I wouldn’t either.<br />
So that company has already lost you <strong>and</strong> me as their<br />
potential cus<strong>to</strong>mers.<br />
It’s easy <strong>to</strong> see how this could snowball quickly resulting<br />
in no new cus<strong>to</strong>mers, reduced or non existent business<br />
A CYBER INSURANCE GUIDE - PAGE 26
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