Information for this blog is cited from the Massachusetts Insurance news website.
The month of October has been designated as cyber security month. We have certainly heard much information of late about cyber espionage and hacking of personal accounts.
Following the lead of the US Department of Homeland Security, the office of Consumer Affairs and Business Regulation hosted a Cybersecurity conference. Cyber Crime has grown 19 percent globally over the last year. There are also significant costs associated with data breach incidents.
“Cybersecurity is not just about keeping personal and financial information secure, said Jay Ash, Secretary of the Executive Office of Housing and Economic Development. “It’s about being prepared for a breach, educating employees on how to handle sensitive material, and knowing what to do if a breach occurs.”
“Cybersecurity is one of the most significant investments a business should make,” said John Chapman, Undersecretary of the Office of Consumer Affairs and Business Regulation. “As chair of the Financial Services Advisory Council, I know how critical a comprehensive cybersecurity plan is to financial service companies and to protecting our economy at large. As risks of cybersecurity breaches increase, the financial services industry needs to be prepared to meet the ever-changing challenges of keeping consumer’s information and finances protected.”
Cybersecurity is poised for incredible growth over the next 10 years. The average spending on security in companies over the past year has seen increases in excess of 14 percent. In an age where critical information is open to attach, now more than ever we need to be vigilant. Change passwords often and protect your personal and business devices.