CompleteMarkets
Since 1950, Raley, Watts & O’Neill has been serving the insurance needs of our clients. We started as a one person operation in Lexington Park, MD and are proud of our small town heritage. We have worked hard to maintain the fundamental principles of our roots while we have grown into a company that serves clients throughout the Mid-Atlantic, the United States and Internationally. We pride ourselves on getting it right and taking care of the needs of our clients. We simplify the insurance process and take the time to make sure each of our clients understand their options, what they are buying and where their money goes. Our committed staff has the expertise and extensive experience in a broad range of insurance products and services like Commercial, Personal, Bonding, Safety/Risk Management, Group Health, Life and Financial Services. We would welcome the opportunity to demonstrate to you how working with Raley, Watts & O’Neill is about more than just insurance; it is about a long term relationship. We always strive to never veer from our values – C.A.R.E
Cybercrime: A Growing Threat
4

The more heavily your business relies on electronic technology, the greater your vulnerability to cyber criminals.

Criminal activity conducted through the Internet impacts businesses of all sizes. One study found that companies with 100 or fewer employees accounted for 72% of data breaches worldwide. Today's cybercrimes put your grandmothers' spam email list to shame. According to a nationwide study by Ponemon Institute, the median annual cost of cybercrime for a large company in 2011 came to $5.9 million. Cybercrime covers a variety of activities, from malicious codes and hacks in which private client or company information is made public or stolen, to disruption of normal operations. Perpetrators include rogue employees, "hacktivists" seeking to make a political statement, or third parties seeking financial gain. Businesses, such as coffee shops, that allow customers on their premises to use Wi-Fi face unique risks. In one case, a Hollywood producer sued the owner of a restaurant offering Wi-Fi access after a customer used the network to download a film for bootlegging. To help protect your business against potential losses from cybercrime, here are some recommendations:
  1. Review your specific exposures. For example, if you allow people outside the company to use your WiFi, this can increase your exposure.
  2. Focus on the human element in data security by offering employees effective training and specific guidelines.
  3. Re-evaluate your guidelines frequently.
  4. Evaluate the potential risks of adopting new technology.
Last, but not least, make sure that you carry adequate Cyber Liability Insurance. Our agency would be happy to tailor cost-effective coverage to your needs, and help you develop and implement a comprehensive program for managing your exposure to cybercrime.  
Gordon O’Neill
Other articles by: Gordon O’Neill
This content has not been rated yet.