Beazley, a leading provider of data breach response insurance, released its Beazley Breach Insights 2016 findings based on its response to over 2,000 breaches in the past two years. The specialized Beazley Breach Response (BBR) Services unit responded to 60% more data breaches in 2015 compared to 2014, with a concentration of incidents in the healthcare, financial services and higher education sectors.
The report points out that a weak link for many companies is their supplier or vendor relationships. Breaches resulting from vendors rose to 18% in 2015 from 6% in 2014. Businesses should review their data breach coverage to confirm that they are covered for the mistakes of these third parties. At the end of the day, you could be held responsible for the breach even though you didn't cause it.
Beazley's five steps organizations can take to help protect their data: