Small & Mid-Size Employers Very Exposed to the Growing Risk
Small and midsize employers still appear to be vulnerable to the risks of cyber-crime and data breaches. And organizations are still not doing enough to protect their data or recover from a breach. But there is good news and a strong indication that these organizations are making efforts.
According to MMA’s 2018 Cyber and Data Security Risk Survey, organizations know it's important:
- 60% said they consider it one of their top 5 risks
- 75% said they were highly or fairly confident they were ready to manage and respond
- 82% felt confident they would be able to understand and assess a cyber-attack
...But not important enough to act:
- Only 18% said they had developed a cyber incident response plan
- 34% said they had conducted a cyber-security gap assessment
- 36% said that had implemented a plan to train employees to recognize phishing emails
- 23% said they had actually conducted penetration testing on their online defenses
Those results came from our 2018 Cyber and Data Security Risk Survey. MMA surveyed a wide range of organizations, geographies, economic sectors, and job functions. More than half the respondents were from the C-suite.
What we discovered in analyzing the results of this survey is very similar to what we have found in previous MMA cyber surveys: once an organization takes steps to mitigate the risk of a cyber-attack, they are definitely more confident that they will be able to recognize, respond to and recover from the inevitable cyber-attack.
While the majority remains uninsured, the number of those with policies has risen since we began doing this survey. This may be because smaller and midsize employers are learning that strong cyber liability insurance products go beyond simply providing insurance.
MMA is experienced and knowledgeable on cyber liability risk and the insurance products available to protect you. Our Management Liability Group specializes in this technical and complex business insurance coverage and more.
All too often, the cyber-security discussion doesn’t even begin until after a successful attack. And that’s far too late. The time to have the conversation is now, before the attack ever happens.
To read the full report and to take a closer look at the survey results, download the 2018 Cyber & Data Security Risk Survey Report.
For more information or to talk about next steps to enact cyber-security, please contact your local Marsh & McLennan Agency representative or Dan Hanson, SVP, Management Liability and Client Experience at 1-800-444-3033, ext. 18599