Surveys show that 95% of all data breaches in 2016 stem from technological, retail, and government institutions. The combined losses from these would total billions of dollars. In the worst cases, smaller institutions with insufficient cyber insurance no longer recover from the damage sustained.
Despite the convenience that cloud-based systems offer, they still carry several risks. Some of the largest companies and businesses that suffered from cloud security threats include Facebook, Home Depot, Ashley Madison, Autoclerk, and Home Depot.
Autoclerk runs a hotel management database the military uses for travel planning and booking. Unfortunately, unknown attackers hacked the system in September 2019. This cyberattack exposed confidential information about the U.S. military’s logistic strategies and deployment schedules.
The infamous extramarital site Ashley Madison suffered a major attack in 2015, which leaked more than 300GB worth of client information to the internet.
In April 2019, a private cyber risk management team uncovered that Facebook compromised 540 million pieces of data to a third-party application called Cultura Colectiva.
In 2013, Yahoo suffered a major data breach compromising billions of user accounts. The damage was so severe that the company had to drop its stock prices just to retain investors.
Furthermore, it took Yahoo nearly four years to tally the damage. At the height of the crisis, the company reported that the attackers only stole data from one billion users. However, in 2017, they released another report clarifying that the 2013 data breach compromised all three billion accounts on the server.
Home Depot, one of the largest home improvement retailers in the country, suffered a significant data breach in 2014. Attackers targeted their cashier point-of-sale systems. The idea was to compromise vulnerable transactions and collect any data possible.
Unfortunately, it took the company several months and 56 million lost customer credit card information before tracking down the culprits. This incident remains the company’s largest data breach.
Assured Standard shares that small businesses can use free firewall services for protection against cyberattacks without going over the budget. Check out our updated guide on the best free firewall services this 2022.
Consult with skilled IT and insurance specialists to beef up your cybersecurity. You cannot wholly eliminate the risk of a data breach, but you can follow preventive measures to ensure post-crisis business continuity.
On the fence about how much cyber liability insurance coverage your business needs? Assured Standard can help. Check out our free guide on computing your business’s cyber insurance needs.
Arthur started Assured Standard after seeing his sister struggle with finding insurance policies for her business. Thanks to his background in business administration, he knows exactly what small and big businesses need to keep operations running.