According to a recent report from the Identity Theft Resource Center and CyberScout, 791 data breaches were reported during the first half of 2017 in the United States alone, marking a 29 percent jump from the same period in 2016. The increasing rate of cyber breaches indicates that many companies are still failing to take cyber security seriously.

Most Vulnerable Sectors

The report organized the data breaches into five sectors: banking, health care, government, education and business. At 54.7 percent, the business sector experienced the highest percentage of total breaches reported. Coming in second was the health care industry at 30.7 percent. Third was the education sector at 11.3 percent, with financial and government trailing at 5.8 and 5.6 percent respectively.

The Real Numbers

The 791 breaches reported included at least 12 million records, which contained credit card numbers, medical files and Social Security numbers. However, the actual amount of records exposed could be much higher, since most industries aren’t required to share the type of information stolen and number of records compromised. In fact, 67 percent of all the breaches omitted such details, marking another record high.

Cost of a Breach

Not only is the number of data breaches at a record high, but so is the average cost of a breach—up 5 percent from last year at $7.35 million. What’s more is that since data breaches are so common, only a small portion make the news, so many businesses fail to realize the threats they’re exposed to until they find themselves victimized.

Be proactive, and contact Provant Group to ensure you have the proper coverage to protect your company against losses from data breaches.

About Kaercher Insurance

Kaercher Insurance Brokerage, has for over 60 years provided risk management, and financial products and services to corporations, institutions and individuals throughout the world.