What to Do After a Security Breach

By Karen A. Frenkel  |  Posted 03-05-2014 Email

The U.S. cyber insurance market for 2013 was between $1 billion and $1.5 billion, according to Thomas Reagan, Large Risk Underwriter at Beazley USA Services, a British insurance company. Fewer than 25 percent of U.S. companies buy cyber insurance, but the industry is growing rapidly with estimates of 25 to 50 percent annual growth, Reagan says. Cyber insurance assures companies for all their digital and online risks, with data breach insurance being the biggest component. In 2013, there were 619 known data breaches in the U.S., often happening in business, education, healthcare, and government, with nearly 58 million personal or financial records being spilled or stolen, according to the nonprofit Identity Theft Resource Center. Cyber-attacks are so rampant and sophisticated these days that Reagan believes they cannot be avoided—and he offers these eight tips on what companies should do when the inevitable data breach occurs.

Karen A. Frenkel writes about technology and innovation and lives in New York City.


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