Would you drive around in a car without car insurance? Then why would you run your business without cyber insurance?
If you’re in business, chances are you handle large amounts of electronic customer data. Whether that’s email addresses, payment information, or personal health information...every business these days has access to some sort of sensitive data.
Our government protects this sensitive data by establishing various privacy and security regulations. Have you heard of HIPAA, PCI, GDPR, or FERPA? How about CCPA? The list of regulations that businesses need to comply with is growing every year.
Although most businesses strive to follow all of the rules and best practices, many are not. It’s simply too much for many companies to keep up with the latest cybersecurity trends, threats, and best practices. And this struggle to keep up with cybersecurity has shown in the business sector. In 2019 alone, over 7.9 billion records were exposed through data breaches.
A security breach can be detrimental to your bottom line. No matter what company you are, or what industry you’re in it’s important to ensure compliance to avoid penalties.
Breaches in HIPPA can range from $50 to $100,000; GDPR has strict fines for non-compliance, up to 4% of global revenue (this is currently only in the EU, but similar issues will be coming to the US very soon). Cyber insurance is relatively easy to get and cheap, but make sure you get the proper provider. A breach in cyber security can be extreme. For example, Target just sued their cyber insurer up to $74 Million for a 2013 breach.
Compliance management is essential for anyone doing business in today's digital age, it can save you from negligence and losing millions of dollars. The United States version of GDPR will be coming soon, within the next year or so; make sure you are ahead of the curve. If you’re not compliant you won’t get MIPS rebates. Allow Method Group to ensure that you are safe from penalties, and fully compliant so that you can focus on what you do best; growing your business.