Major Companies With Recent Data Breaches - Why You Need Cyber Security Insurance
Big Companies With Recent Data Breaches
In today’s digital age, data is considered the modern equivalent of currency. As a result, the security and privacy of personal information have become increasingly important. From popular pizza chains to large tech giants, more and more businesses are collecting customer data to improve their profitability. While this data collection can benefit both customers and businesses, it also comes with risks.
In recent years, there have been several high-profile data breaches at top-level companies, exposing millions of customers to cyber attackers. These incidents serve as a reminder of the importance of cybersecurity and cyber insurance.
One such breach occurred at T-Mobile, America’s largest telecommunications company. In January 2023, T-Mobile announced that a data breach had affected 37 million of its prepaid and postpaid customers. In response, the company has pledged to invest $150 million in cybersecurity. Another major breach occurred at Mailchimp, a leading email marketing platform. On January 18, 2023, Mailchimp
announced that a cyber attacker had gained access to 133 accounts through a social engineering attack. This incident has raised questions about the company’s cybersecurity protocols. Even American Airlines, known for its sleek aircrafts and top-notch service, was not immune to a data breach. In June 2023, confidential data stored in a database was accessed by cyber attackers, compromising the data of thousands of pilots. These incidents highlight the need for companies to regularly upgrade their systems and technological infrastructures to defend against evolving threats in the realm of cybersecurity.
In April 2023, popular fast-food chains Pizza Hut, KFC, and Taco Bell experienced a data breach where driver’s license numbers and other personal information were stolen. These franchises are known for their quick service, diverse menus, and affordable prices, but this incident may cause customers to think twice before ordering from them again. Fast food chains collect and store a significant amount of customer data, making them prime targets for cyber attackers. It is crucial for these companies to safeguard their customers’ data to prevent the costly consequences of data breaches
Why You Need Cyber Security Insurance
As businesses become more reliant on digital infrastructure and data collection, the need for cyber insurance has never been greater. Insurance agents play a crucial role in helping companies navigate cyber risks. Cyber insurance provides several benefits, including financial compensation for costs associated with a cyber incident, business continuity by allowing for a swift response to a cyber attack, and reputational protection through compensation for public relations campaigns. These advantages make cyber insurance a valuable asset for individuals and businesses in the face of increasing cyber threats and data breaches.
Get Protection From A Data Breach
Whether you are running a small business or national company, a data breach can bring devastating consequences to both your company reputation and bottom line. Cyber Security / Data Breach insurance can help protect your business from growing online threats. Connect with a Pearson Wallace agent to get a fast quote now.