2016 was undoubtedly the biggest year for cyber-breaches. As the fateful combination of lax security measures and sophisticated hacking came to a head last year, the inevitable increase in breaches has occurred. However, as more companies and individuals are recognizing and assessing their risks, 2017 is predicted to be the year of prevention for these attacks. As we explore the coming trends for cyber security in 2017, ensure your operation is secured with a comprehensive Cyber Liability Insurance program.
Data privacy.
According to Small Business Trends, a major complaint of recent years has been a rise in corporate, for-profit data mining. Consumers store a considerable amount of personal information on the web through online shopping profiles, email accounts, and cloud services. Common industry practice is to glean information from that data to create customer profiles, allowing companies to target consumers with more effective marketing ploys. While many people don’t have issues with a more personalized marketing approach, the storing of their personal information to do so is raising some red flags. Therefore, these added security measures that companies will be encouraged to display are going to raise alarms for personal safety, as well.
Personal security.
With the rise in network breaches, more and more people desire a way to protect their privacy autonomously. Rather than relying on service providers, there has been a significant shift toward personal privacy recently.
“Personal cloud technology allows users to access their information anytime, anywhere with complete privacy. Consumers can rest assured knowing that no one is snooping on their information. Privacy is a fundamental right that we all have; personal clouds are a technology that protects that,” states Severin Marcombes, CEO and founder of Lima Technology.
Information security.
2017 is expected to see an increase in technology that monitors both personal and business networks. As the public is more aware of their personal risk, there is an even greater expectation for personal and digital privacy this year.
About FGIB
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for financial entities, in addition to providing crime insurance and general business insurance products to a number of firms across the United States. We offer both first party and third party cyber liability coverage to give you the protection you need and the peace of mind you deserve. To receive timely, personalized service from knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.