Why all industries must be educated on technology insurance

Technology insurance is a policy that might not be considered by business owners until it is too late. However, research shows that data breaches not only affect all types of companies, but they are not always related to the newest innovations.

Verizon's 2013 Data Breach Investigations Report showed that a majority of security issues in the last year happened with point-of-sale devices. Breaches from database servers, backup tapes and documents were much rarer.

According to the report, traditional assets—laptops, desktops and servers—pose the most risk to companies. This is due in large part to 41 percent of the reports of misuses happening from unapproved hardware, like handheld card skimmers and personal storage devices.

Additionally, 75 percent of attacks are opportunistic and do not target a specific individual or company.

"It's not just elaborate actions that have serious implications," the executive summary of the report read. "While most breaches are deliberate, many involve an unintentional element. Taking information home, copying data onto a USB drive, attaching the wrong file to an email or sending it to the wrong person, or leaving a laptop in a cab can all lead to a data breach."

Just because a company has not yet adopted innovations like cloud technology, it does not mean it is exempt from these types of breaches. Criminals can infiltrate businesses of all sizes and across each industry. The recovery process following a breach could be devastating to entrepreneurs, but the damages will be even more far-reaching without the right technology insurance.

Comprehensive coverage will help business owners bounce back sooner and avoid paying for all expenses out-of-pocket. Commercial insurance specialists who understand the intricacies of these policies will help company leaders find the best coverage for their firm.

 

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