Cyber Liability

Small & Mid-Size Employers are Very Exposed 

Small and midsize employers still appear to be vulnerable to the risks of cyber-crime and data breaches. 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. 

Recently, we conducted a Cyber and Data Security Risk Survey surveying a wide range of organizations, geographies, economic sectors, and job functions and we found that once an organization starts to take steps to mitigate the risk of a cyber-attack they are more confident that they will be able to recognize, respond to, and recover from the inevitable cyber-attack.

In our survey results, we found that most organizations know cyber is important. In fact:

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

More than half the respondents were from the C-suite of the organization. 

While the majority still remains uninsured, the number of those with policies has risen. This may be because smaller and midsize employers are learning that strong cyber liability insurance products go beyond simply providing insurance.

Our Cyber Experience

MMA is experienced and knowledgeable on cyber risk and has designed proprietary products to protect your tangible and non-tangible assets, learn more by downloading the Cyber Risk: Preparing for the Inevitable or our 2020 Global Risk Report.

Our Management Liability Center of Excellence, as well as Cyber Center of Excellence, specializes in this technical and complex program design and implementation. Our focus is on becoming leaders in the evolution of holistic network security, privacy and technology risk solutions by providing world-class services, resources and products to our clients. 

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.

For more information or to talk about next steps to enact cyber-security, please contact your local Marsh & McLennan Agency representative.

Learn more

COVID-19 & Cyber

Cyber Risk for Retailers During COVID-19
Retailers’ reliance on technology has always been important and now during this time of the coronavirus pandemic it has become even more vital in order to ensure business resiliency in a number of areas of operations

Cyber Security and Privacy Concerns During COVID-19

2019 Cyber Webinar: Highlights and Materials

Handouts and materials referenced

MMC Cyber Handbook 2020: Advancing Cyber Resilience

CCPA FAQs (from BakerHostetler)

Get Your Privacy House in Order Checklist (from BakerHostetler)

CCPA and GDPR Comparison Chart (from BakerHostetler)

Visit the webinar page to listen to a recording of this online event

 

Cyber Resilience Insights from across our operating companies

Contacts