Accidental Employee Breaches on the Rise

When it comes to cyber security, ransomware attacks made the most news last year. However, an almost equal threat comes from within an organization.

Accidental breaches caused by employee error and third-party suppliers accounted for 30 percent of all breaches during the first half of 2017, according to a report from Beazley. Breaches that resulted from hacking and malware attacks led by only 2 percent, accounting for 32 percent of all breaches.

The highest rates of employee security breaches were in the financial and health care sectors. Almost one-third of financial data breaches involved unintended disclosure—employees sending personal banking details to the wrong recipient. Unintended disclosure also accounted for 42 percent of health care breaches.

The following are key takeaways from the 2017 Cost of Data Breach Study:

  • Although the overall cost of a data breach decreased from $4 million to $3.62 million globally since last year, the United States saw a 5 percent increase at $7.35 million.
  • Having an incident response team reduced the cost of a data breach by nearly $1 million.
  • Health care is the most costly industry for data breaches, costing organizations $380 per compromised record.

The insurance professionals at 3000 Insurance Group can help you evaluate your insurance. As an independent agency and the endorsed agency for OAR, they have access to many companies and products, as well as plans exclusive to OAR members. Contact Lydia Christine Lydia@3000ig.com or Ashley Napier Ashley@3000ig.com today, or visit www.3000ig.com.