Previous cyber-attacks and the tools used to employ them have led to a number of new security threats throughout Washington State. In a review of cyber crimes that took place during the first half of 2016, the abundance of personal information gleaned from old data has led to new types of cyber crimes and profitable payoffs for criminals.
As the number of businesses who are targeted adds up, it is clear that neither the tactics used nor the businesses chosen were anything unusual. LinkedIn was one of the first to go public with accusations. In May of this year they announced that their breach from four years ago actually impacted 100 million more users than initially estimated. Meanwhile, IBM reports that there were 64 percent more security incidents reported in 2015 than a year prior. The average cost of such a breach is an unforgivable $4 million, though that number expands in highly regulated industries, such as healthcare.
Meanwhile, it isn’t just financial concerns that leave Washington State business owners on edge. It’s also the threat of impending lawsuits and dwindling reputations that place cyber security on the forefront of many people’s minds. In Mountlake Terrace, Premera Blue Cross served as an example of how a computer security breach has a rippling effect. Faced with numerous lawsuits, they were forced to confront increasingly critical questions.
Now the State of Washington has sponsored a series of efforts around cyber security that impact those in the private and public sectors. As new regulations come into place, businesses focused on cyber security are thriving. Meanwhile, an overlooked yet critical component to preparedness and emergency management is insurance coverage. “It is becoming increasingly obvious that cyber security efforts cannot be relegated to the IT department. Companies are beginning to realize that they need extra protection in order to protect their customer’s data and limit their own liability and exposure,” explained Blaine Bressman, Client Manager for Barb Welton Insurance. “What we offer as an insurance agency bridges that gap between leaving it solely to the IT department and handing the reins to someone else. Our purpose is to protect agencies from cyber attacks and to cover their assets if an attack should occur.”
ABOUT BARB WELTON INSURANCE
Barb Welton Insurance is an insurance broker that helps organizations and service providers protect their assets in the event of a cyber threat operation. Serving clients throughout Western Washington, Barb Welton Insurance also provides auto, home and life coverage.
Cyber Security Washington Barb Welton Insurance
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Company Name: Barb Welton Insurance
Contact Person: Blaine Bressman
City: Camano Island
Country: United States