According to reports, the last few years have experienced an unprecedented level of cyber attacks on retailers throughout the country. Internet security firm Symantec reports that the incidence of “mega-breaches,” or those potentially affecting at least 10 million individuals, jumped 700 percent in 2013, and last year saw an even greater number of devastating cyber attacks on retailers large and small. The Target cyber breach alone could reportedly cost upwards of $1 billion to the corporation.
As a result, retailers large and small around the globe are scrambling to put systematic plans in place to head off the next cyberattack and protect themselves against a data breach. Experts say that there are several reasons why cybercrime is on the rise from retailers, and they all have to do with increased vulnerabilities relating to modern technology and business practices.
Three of the most prominent exposures come from:
- Increased reliance and access to cloud computing
- The rise of data mobility, transferring and storage. For example USB and other external data storage devices can create a number of security concerns.
- Increased prevalence of credit card usage, and many small retailers utilizing mobile point of sale systems and technology.
Given the increased vulnerabilities and the rising threat of a cyber attack or data breach, Orlando retailers must increase their defenses against data hacks. Even with world-class IT programs and security services, there is a very real possibility that your business will at some point become exposed to a cyber security breach. As such, it is vital that Orlando retailers obtain a strong cyber insurance program to protect themselves from potentially costly losses.
At Newman Crane, we specialize in helping Orlando retailers find complete Retail Business Insurance solutions. Our Central Florida Insurance Agency can help manage the liability exposures your company may face. We offer a wide range of Orlando Business Liability policies which can help mitigate liability disasters caused by hackers and identity thieves. Call our specialists today at (407) 859-3691 for more information about how we can help protect your organization.