The world’s 10 largest economies lost $445 billion USD annually through cyber-crime last year. Concerned about cyber security? You’re not alone.
Fewer than 10 per cent of companies currently purchase cyber-specific insurance policies, suggesting businesses are ill-prepared to face the growing threat to intellectual and data property rights.
A new report from Allianz Global Corporate & Specialty (AGCS) indicates the global cyber insurance market is forecast to grow to more than $20 billion USD by 2025, a compound annual growth rate of over 20 per cent. The bulk of that increase will be felt in North American markets, according to the report.
The risks to businesses from the worldwide web has increased exponentially year to year, with companies reporting it as the fifth largest risk in this year’s “Allianz Risk Barometer”, compared to its 15th place ranking just two years ago.Read More
Think all this worrying about disgruntled employees might be a bit overblown? Perhaps you recall the Sony security breach from a few months back wherein a ton of company data got turned over to North Korean hackers. The company is still picking up the pieces from that one – and analysts believe it all started with a combination of outside threats and an internal employee breach.
You’ve done all the right things to protect your network from both insider threats and outside hackers. Employee computer monitoring is just one of the tools you’ve used to keep your intellectual property (IP) safe, along with antivirus software, a properly set-up firewall and other bits and pieces put together by your IT team. But one area where companies seem to still be vulnerable is with leaving openings to former (and potentially disgruntled) employees.