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San Francisco Liability Insurance: 2015 Cyber Trends

San Francisco Liability Insurance: 2015 Cyber Trends

San Francisco Liability Insurance: 2015 Cyber Trends

Last month, we discussed the importance of San Francisco Liability Insurance for businesses, stating that even if you think your business is unlikely to face an insurance claim, it’s important to remember we do live in a litigious society, and lawsuits do happen. This is especially true in the cyber liability arena.

2014 certainly saw its share of high-profile data breach cases. The Identity Theft Resource Center (ITRC) recently reported that there were over 700 data breaches reported in the U.S. as of December 5th, which is a 26% increase over the same time period in 2013. Data breaches are not a new occurrence, but they are happening more and more frequently, and it’s vital to understand that your business is not immune.

A recent poll from Gallup revealed that fears over hackers stealing credit card information from retailers topped every other category of crime worries in the U.S. Retailers have responded; as of October 2015, U.S. stores that use a POS (point of sale) terminal will have to switch to a new payment system that requires them to have EMV (EuroPay, MasterCard and Visa) compatible POS terminals. This movement is known as the “liability shift.”

As a result of this initiative, experts suspect that hackers will make their move early in the year, before this shift is made; therefore making it imperative for companies to ramp up their cyber security practices, as well as ensure they have the right type of Cyber Liability Coverage to financially protect themselves, should a breach occur.

Experts also expect that more hackers will be targeting cloud data, and that there will be a persistent and growing threat of Healthcare Industry breaches. This is due to the transition many hospitals and clinics are making to electronic medical records, as well as more individuals adopting wearable technologies such as Fitbit, Apple Watch, etc. The ITRC claims that more than 42% of the breaches reported this year occurred in the medical/healthcare sector.

What does all this mean for San Francisco businesses? It is time to review your cyber security practices, and ensure that you have the right insurance protection to meet your needs. At DiNicola Insurance Services, LLC, we specialize in key industries, including the healthcare industry, food industry, property owners, restaurants, and wholesalers and distributors. Please contact us today for more information about the products and industries we serve at (855) 247-1912.

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