Many companies do not comprehend the exposure they realistically face when it comes to cyber liability. For example, think about your copy machine. Most likely this also doubles as a fax machine and it has multiple transactions a day. Most companies lease these as it doesn’t always make sense to purchase due to the continuous upgrades. As far as cyber security, the most important component of the copy machine is the hard drive. This is where thousands of files are stored containing the scans and faxes the machine has sent or received. This can include extremely sensitive information depending on your business. When does the problem arise? When the lease is up…
View this clip from CBS regarding the issue:
As shown, a large percentage of identity theft comes from the hard drives of copy machines.
The costs of an information breach can be devastating. Using the insurance company highlighted in the video as an example and estimating 10,000 files breached. The average cost of the internal investigation, notification/crisis management and regulatory/compliance would be – $1,200,000. (Deland, Gibson has software that can calculate your potential risk due to an information breach)
This can be a startling statistic; can your company risk the possibility of such a payout? Depending on the type of information you store, this number could grow exponentially.
What are you doing to protect your firm?
Such an example is something that we at Deland, Gibson can help you with. We help individuals and companies identify risk, manage it, all working toward the goal of lowering your Total Cost of Risk.