Cyber Risk Concerns on the Rise

ACA International has insurance and educational resources to help members take preventative action through reviewing insurance policies, best practices and operational procedures.

1/8/2020 11:00 AM

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Cyber Risk Concerns on the Rise

Business executives continue to express concern about data security and the risk of cyberattacks, a trend regularly on watch within the accounts receivable management industry as companies ensure that business and consumer data are protected.

According to a Insurance Journal report citing a Travelers survey of 1,200 business leaders, 55% of respondents said they “worry some or a great deal about cyber risks.” This topped concerns about medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%) and legal liability (44%).

The survey was published one day before USA Today reported that private businesses located in the U.S. should be aware of potential retaliatory cyberattacks after Iran fired missiles at U.S. military bases in Iraq following a U.S. attack that killed Iranian Maj. Gen Qasem Soleimani.

“The heightened risk is an important reason for the ARM industry, which has seen direct and indirect impacts of cyberattacks in recent years, to evaluate policies and procedures and insurance protection,” said Dereck Tessmer, sales manager of Collectors Insurance Agency, a subsidiary of ACA International.

The Travelers study shows 2019 is the first year in the history of surveying businesses that cyber threats made it to the top of the list of concerns. Purchasing a cyber insurance policy in turn is one of the top steps to take to protect your business.

Collectors Insurance Agency, a subsidiary of ACA International, has policies to help protect your business.

Contact Sales Manager Dereck Tessmer at tessmer@acainternational.org or (952) 259-4224 for resources and information on the CIA cyber liability and executive risks policies.

This month, ACA’s Certified Instructors will also host the Data Security and Privacy I, Jan. 21-22, and Data Security and Privacy II, Jan. 28-29, CORE Curriculum webinars. Join Leslie Bender, IFCCE, CCCO, chief strategy officer and general counsel at BCA Financial Services Inc., Debra Ciskey, IFCCE, executive vice president, The Collections Coach, LLC, and Kelly Knepper-Stephens, vice president of legal compliance at TrueAccord, for the comprehensive webinars with strategies to review your policies and protect your business.

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Cyber Risk Concerns on the Rise

Business executives continue to express concern about data security and the risk of cyberattacks, a trend regularly on watch within the accounts receivable management industry as companies ensure that business and consumer data are protected.

According to a Insurance Journal report citing a Travelers survey of 1,200 business leaders, 55% of respondents said they “worry some or a great deal about cyber risks.” This topped concerns about medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%) and legal liability (44%).

The survey was published one day before USA Today reported that private businesses located in the U.S. should be aware of potential retaliatory cyberattacks after Iran fired missiles at U.S. military bases in Iraq following a U.S. attack that killed Iranian Maj. Gen Qasem Soleimani.

“The heightened risk is an important reason for the ARM industry, which has seen direct and indirect impacts of cyberattacks in recent years, to evaluate policies and procedures and insurance protection,” said Dereck Tessmer, sales manager of Collectors Insurance Agency, a subsidiary of ACA International.

The Travelers study shows 2019 is the first year in the history of surveying businesses that cyber threats made it to the top of the list of concerns. Purchasing a cyber insurance policy in turn is one of the top steps to take to protect your business.

Collectors Insurance Agency, a subsidiary of ACA International, has policies to help protect your business.

Contact Sales Manager Dereck Tessmer at tessmer@acainternational.org or (952) 259-4224 for resources and information on the CIA cyber liability and executive risks policies.

This month, ACA’s Certified Instructors will also host the Data Security and Privacy I, Jan. 21-22, and Data Security and Privacy II, Jan. 28-29, CORE Curriculum webinars. Join Leslie Bender, IFCCE, CCCO, chief strategy officer and general counsel at BCA Financial Services Inc., Debra Ciskey, IFCCE, executive vice president, The Collections Coach, LLC, and Kelly Knepper-Stephens, vice president of legal compliance at TrueAccord, for the comprehensive webinars with strategies to review your policies and protect your business.

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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