WASHINGTON ― A leader in business cyber-insurance reports how a lack of cyber knowledge and neglected hardware leads to data breaches and, in turn, lost resources and damaged reputations.

A press release from The Hartford Steam Boiler Inspection and Insurance Company (HSB) found that one-third of U.S. businesses (29 percent) suffered from data breaches in 2016.

The largest amount of said breaches were caused by business contractors and vendors, followed by employee negligence and stolen or lost storage and mobile devices. Furthermore, affected businesses tended to spend between $5,000 to $100,000 to ameliorate the damage.

HSB showcased how two-thirds of the breached businesses believed that their statures were sullied, and that the main issues for them to fix in the future were cybersecurity ignorance and insufficient resources.

“The results highlight how closely our economy and society are interconnected digitally,” HSB Vice President Timothy Zeilman said. Because of the breath of personal and business information now accessible through the web, the press release indicates the need for individuals and organizations to increase vigilance in facilitating sensitive data for the future.

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