The Growing Cyber Liabilities of the Staffing World

It’s no secret – technology drives everything. As tech has become an integral part of business systems, there is a need for resources to prevent cyber liabilities and data breaches. Cybercrime occurs continuously, searching for vulnerabilities within systems that are thought to be safe. A growing problem that shows no signs of slowing down, companies must protect themselves to ensure they will be able to withstand any cyberattacks that may occur.

At staffing agencies, data drives the foundation. With so much information at stake, having protocols in place to circumvent these issues can prevent losses of data and money. The right protection is key. Staffing agencies have their own information to protect as well as client information. The slightest breach could be detrimental to the core business and compromise their client. Staffing agency insurance, particularly Security & Privacy Liability or Cyber Insurance, covers security and privacy liability claims.

What is Cyber Insurance?

Cyber insurance helps protect companies who experience criminal cyber activity such as fraudulent behavior, security breaches, property & inland marine and professional liability with IT coverage. If a staffing agency has any type of breach, this policy will protect the firm against any litigation alleging property damage. This policy will also extend to any damages their contract employees may sustain from this issue.

It is imperative to protect staffing agencies from cybercrime. The cybersecurity industry is growing at a rapid pace due to so many firms experiencing these types of issues. Data breaches are some of the most difficult to contain, and with software continuously being updated, it can also be difficult to keep track of the many changes that occur every day.

Implementing a best practices model, as well as risk assessment policies and a team to regulate quality control is one of the best decisions any firm can make. According to the PwC Global State of Information Security Survey in 2016, the global cyber insurance market will reach $7.5 billion in annual sales by 2020, which is a $5 billion dollar increase within a 5-year timeframe.

Keeping cybercrime on the radar is not only a good practice, but can keep your company out of harm’s way. Following the trends to ensure the best security protocols and insurance is in place can be one of the best ways to counteract this issue.

About World Wide Specialty Programs

For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (800) 245-9653 to speak with one of our representatives.