Did you know that in 2017 there were over 2.5 billion data breaches? That is a ridiculously high number, but that doesn't make it less accurate. You can also look at it this way:
Isn't that just mind-blowing? Every year, these stats go higher and higher, but the one good thing here is that business owners are paying more attention to cybersecurity and liability.
A data breach is, in simple words, any release of confidential information, regardless of whether it is intentional or not. Not every data breach has a mean-spirited hacker behind it. Some of them are a result of other situations, such as loss of paper files, insecure data disposal, stolen smartphones and more.
What this tells us is that, although there are criminal minds behind a lot of data breaches, many others are due to human error or negligence, and maybe even malicious employees.
Whether you're sitting across the table from a client or analyzing your situation, finding exposures is part of your responsibility, to help your clients —or yourself— mitigate risks. Once you understand the types of data breaches there are, you can put the weak points on the table. Cyber crimes generate tons of E&O claims. With cyber insurance, you can cover your clients and your agency.
When you're part of AAI, you're on a constant learning path that will lead you to consistent growth. Join AAI today and become the best independent insurance agency owner you can be.