Strategic Cost-Saving Opportunities Volume II | Page 7

Cybersecurity &
Cyber Insurance:
Even Well-Protected Systems
Get Hacked

After a recent series of high-profile and costly corporate
cyber attacks, security experts have been issuing a stark
warning to U.S. businesses: It’s no longer a matter of if
you’ll be a target of such an attack – it’s a matter of when
and how bad it’ll be.
Hackers struck Target in late 2013 and in the following
months hit a long list of companies including eBay, JP
Morgan Chase & Co., The Home Depot and Sony Pictures.
The Ponemon Institute, which focuses on information
security, called 2014 “a year of mega breaches.” It
cautioned that 2015 will likely bring an even higher level of
threat before it’s over.

Protecting your company’s cybersecurity requires
thorough planning, ongoing vigilance and input from
multiple stakeholders within your company. But as Target
found out, attackers can find their way into even wellprotected computer systems, so it is wise to consider
purchasing cyber insurance.
Along with covering at least some of the costs of an attack
– which may be higher than you realize – cyber insurance
ca