Cyber risk is a modern day exposure no business can escape. Even the most traditional agribusiness or retail operation has business records on a computer – and that computer is plugged into the internet.
Where is the threat? Most people think of cyber attacks as large, random and nameless. But, hackers usually gain access through phishing emails to employees. Other times, it could be intentional rom a disgruntled employee or accidental from a supplier’s computer system.
The federal government, and nearly every state, has laws protecting personal information. A business experiencing a data breach will face not only the fear of financial information, client data, and competitive know-how being in the hands of someone with criminal intent, but they could also face regulatory action, lawsuits and other compliance-related expenses.
*Cited from the Beazley Group report 6/8/2020