Lloyds: 92% of European
businesses suffered a cyber
breach in the past 5 years
By Rosalie L. Donlon, PropertyCasualty360.com
CEOs;of;U.S.;businesses;have known for some time that cyber- security is a significant issue affecting their day-to-day operations.
Thanks to several high-profile data
breaches and hacker attacks, such as
at Sony and Target,;the;topic;of;cyberse-curity also has become a regular agenda
And the topic is growing in importance
for European business leaders as well.
In 2018, the European Union is sched-
stringent requirements for any businesses
that deal with European consumers’ data.
The new regulations are coming into
states — but it affects any company doing
business with EU citizens, regardless of
where the company is based.
To better understand what European
businesses are doing to deal with cybersecurity and how they’re preparing for the
new regulations, Lloyd’s commissioned its
taking responsibility for cybersecurity,
but the majority seriously underestimate
a cyber event’s potential impact with a
minority of European companies believ-
cyber attack becomes known.
EU regulations, the survey found some
surprising results, despite the serious fi-
nancial and legal consequences of not
complying with the rules:
were aware the new EU regulations could
affect them in terms of regulatory inves-
cent believed they could lose customers.
suffered a data breach in the past five
cent of respondents said they had not suffered a breach or were unaware that they
cent are worried about suffering another
breach in the future.
Lloyds | continued on p. 11
traditional insurance solutions with risk
•;Risk: Live-in nanny
Exposure: Injury to employee
description and duties, and on-the-job training, driving record
Exposure: Lawsuit from injury on
Solutions: Execution of regular
maintenance plan, proof of liability
insurance from tenant, personal or
commercial liability insurance policy.
•;Risk: Not-for-profit board participation
Exposure: Named in lawsuit
directors & officers liability insurance,
As with all plans, revisit the personal
risk management strategy with clients
regularly to make sure it continues to
meet their needs. Helping clients keep
their personal risk management plan
don’t become actual problems.