A staggering 86% of companies worldwide experienced at least one cyber incident in 2017, according to Kroll’s annual global fraud and risk survey. We learn about the large entities, like Equifax, in the media but the constant stream of small business attacks is largely overlooked.
That’s why Intersections Inc., provider of Identity Guard, has launched Data Breach Readiness – a comprehensive data breach preparedness solution for small and medium sized enterprises (SMEs). Identity Guard has been helping companies manage breaches of all sizes for more than a decade. With Breach Readiness, the company hopes to help SMEs reach Fortune 500 levels of cybersecurity at a low cost.
"The most devastating impacts of a data breach can only be avoided by both working to prevent a breach and by planning and preparing a response before an incident occurs," said Jerry Thompson, senior vice president, of Intersections. “Our service is not expensive. It costs $3,500 a year, which is an annually renewable fee – and for that you get a mixture of analogue and digital services.
"We provide a Data Breach Readiness workbook, which guides companies on how to set up internal teams and how to manage every category of data within the company to protect against breach. We also provide digital services, which includes a monthly external network scan with cyber security company Delta Risk LLC, a Chertoff Group organization."
Equifax was breached due to a vulnerability in the company’s external network. With the expertise of Delta Risk, the Data Breach Readiness solution sends SMEs a monthly report, highlighting any vulnerabilities in their networks, the severity of the exposure, and how to fix it.
The solution also provides dark net monitoring that scans for sensitive business information which may indicate a potential breach or threat of a breach. Training and tools are also provided to teach employees how to handle sensitive information and reduce the risk of a breach.
"We believe training employees is the best solution for preventing data breach. It’s the first and most important line of defence," Thompson told Insurance Business. "The Data Breach Readiness solution includes interactive desktop training around cyber security and data hygiene. It’s all about building employee best practices into a company’s DNA to help them avoid the data incursions that are happening more and more frequently."
Data Breach Readiness was launched in the US in February. Intersections hopes to roll the solution out in Canadian during summer 2018.