Insurance professionals should be concerned about the growing phenomenon of cyber-security breaches and the impact on the businesses they represent as well as the impact on their own data.

Cyber security is an escalating concern facing companies throughout the world due to increased network failures, breaches in security and outside attacks. Regardless of the cause, businesses that maintain databases housing private customer information must review risk strategies to mitigate breaches and prepare for the very real possibility that a breach ultimately will occur.

Preparations should include three distinct areas: improved technology security, financial protection and mitigation and rebuilding trust through effective communications.

Improved technology security

In a January 2016 survey conducted by VansonBourne, an independent technology market research provider that surveyed 500 CIO respondents from the U.S., the UK, France and Germany, cyber security investments for 2016 exceeded $83 million. Still, nearly 87 percent of CIOs believe their cyber security attempts are failing to protect business interests. What is the cause? Today's technology has increasing dependence on the use of mobile devices and storage solutions such as cloud-based software, with security measures based on keys and certificates. Through these keys and certificates, hackers gain access.