Cyber Insecurity: 4 in 10 Midsize Businesses Have Experienced A Data Breach
June 25 2015 - 9:05AM
Business Wire
- Most view data breach among top
risks
- IT security and data protection ‘very
important’ in supplier selection
Most midsize business leaders view a data breach among their top
risks and a majority consider IT security ‘very important’ when
selecting a supplier, according to The Hartford’s survey of midsize
business owners and C-level executives. They have good reason to be
concerned: 43 percent had experienced a data breach in the prior
three years, and 13 percent have had a supplier’s data breach
impact their business information.
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The Hartford survey found most midsize business leaders (82
percent) consider a data breach at least a minor risk to their
business. Nearly one-third (32 percent) view it as a major
risk.
“All types of businesses have networks and networks can be
vulnerable to a breach,” said Joe Coray, vice president of The
Hartford’s Technology & Life Science Practice. “As we have seen
in recent years, a breach involving a supplier or vendor can impact
a business as much as a breach of its own IT systems. Whether
businesses are hosting their data internally or entrusting it to
external business partners, it is important that they validate how
their information is being secured.”
Recognizing the data risks involving suppliers, more than half
of the midsize business leaders (53 percent) surveyed consider IT
security and data protection practices very important when
selecting a supplier. By comparison, 36 percent consider a
supplier’s contingency planning and 28 percent view a supplier’s
location relative to their business as very important.
“Given what is at stake in terms of a company’s operations and
reputation, evaluating a prospective supplier or vendor‘s IT
security and data protection protocols against current best
practices should be a critical part of a company’s due diligence
process,” said Coray, who discusses data breaches and other
technology risks for midsize businesses at
www.thehartford.com/midsizemonitor.
For information about protecting businesses from data-related
risks, visit http://www.thehartford.com/data-breach-insurance/
Survey Methodology
The Hartford’s 2014 Midsize Business Monitor was fielded from
September 16-23, 2014. More than 500 owners and C-level executives
of midsize businesses headquartered in the U.S. with annual sales
or revenues of $10 million to $1 billion participated in the online
survey, which had a margin of error of +/- 4.3 percent at the 95
percent confidence level.
More information about this survey, including an executive
summary and infographics, is available at
www.thehartford.com/midsizemonitor.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE: HIG)
is a leader in property and casualty insurance, group benefits and
mutual funds. The company is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at www.thehartford.com. Join us on Facebook at
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www.twitter.com/TheHartford.
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The HartfordPamela Rekow,
860-547-8990pamela.rekow@thehartford.com
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