Insurance groups warns companies to take cyber attacks seriously and protect themselves accordingly

Cyber InsuranceAs “hacktivism” becomes a major concern for companies all over the world who manage electronic data, the need for insurance protection against cyber attacks is becoming more apparent. Sihle Insurange Group, a Florida-based insurance organization, has begun a campaign to promote this type of protection. The insurer is warning companies in the U.S. that they need to be more proactive about their security lest they fall prey to hackers looking to cause a bit of mischief. Even a hacker looking for a laugh at the expense of others can cause millions in financial damage. Those with more devious aims could potentially put a company out of business and affect the lives of millions of consumers.

Data breach has become a subject of concern for the insurance industry. In 2011, more identity theft caused more than $7 million in financial losses to consumers and insurance groups. This damage is expected to grow more severe in the future as hackers grow bolder and companies ease into a state of complacency with their security measures. Sihle notes that it is wise for businesses to assess their risks and protect themselves accordingly.

Sihle is encouraging businesses concerned about their risk to visit www.databreachcalculator.com, an online tool from acclaimed security firm Symantec. The tool will allow companies to assess their risk to some degree and give them a good foundation upon which to seek out appropriate insurance coverage.

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