There is a certain acceptable level of cyber information a business needs to carry.
This comes in the form of PII/PHI which, in the cybersecurity world, is called cyber information. Your cyber information is not inherently bad; it is simply a part of day-to-day business for brokerages and carriers.
Understanding how your cyber information value impacts your small business.
$175
The value of customer PII/PHI averages $175 per record
$3.86M
The average total cost of a data breach is $3.86 million
2/3
Most small businesses do not survive a breach due to loss of finances, as well as loss of trust and customers
Understanding how your cyber information value impacts your small business.
$175
The value of customer PII/PHI averages $175 per record
$3.86M
The average total cost of a data breach is $3.86 million
2/3
Most small businesses do not survive a breach due to loss of finances, as well as loss of trust and customers
Your business can unknowingly accrue value exponentially through simple tasks, all day long.
A common example of accruing value is data duplication; and it can happen faster than you think. Enrollment spreadsheets are commonly shared in day-to-day business. Let’s break down the average cyber information value for one enrollment spreadsheet.
20 contracts
One spreadsheet holds an average of 20 enrolling contracts
3 dependents
Each contract averages three dependents, totaling 80 members (20×4)
$195.65*
Cyber information value for one member averages $195.65*
*Accreditation: Ponemon, Cost of a Data Breach Report, IBM’s 2020 cost of a data breach, and Verizon’s 2020 data breach investigations report
Therefore, there is an average cyber information value of $15,650* per enrollment spreadsheet.
20 contracts
One spreadsheet holds an average of 20 enrolling contracts
3 dependents
Each contract averages three dependents, totaling 80 members (20×4)
$195.65*
Cyber information value for one member averages $195.65*
*Accreditation: Ponemon, Cost of a Data Breach Report, IBM’s 2020 cost of a data breach, and Verizon’s 2020 data breach investigations report
Therefore, there is an average cyber information value of $15,650* per enrollment spreadsheet.
A spreadsheet valued at $15,650*
can accrue $187,800* of cyber information value in just one day.
An enrollment spreadsheet is commonly duplicated 12 times across one brokerage through the necessary handling it requires to facilitate the contract enrollment process. Here’s how:
*Accreditation: Ponemon, Cost of a Data Breach Report, IBM’s 2020 cost of a data breach, and Verizon’s 2020 data breach investigations report
How much is your PII/PHI information really worth?
Contact us and one of our representatives will be in touch.
"*" indicates required fields
