5 Reasons Why Your Business Needs Cyber Coverage

Are you a business owner who has considered adding Cyber coverage to your business insurance?

Here are the top five reasons why your business needs Cyber Risk Insurance Coverage.

  1. Data breaches and cyber attacks are becoming more and more common. In 2017, “through September 2017, there were 918 data breaches which compromised 1.9 billion data records in the first six months of 2017, according to Gemalto.  That’s an increase of 164 percent compared to 2016.”(1)
  2. 31 percent of all breaches have occurred in organizations of 2,500 or fewer employees and 30 percent in organizations of fewer than 250 employees.(2)
  3. All industries are vulnerable to a data breach or cyber attack, including education, financial services, nonprofits, professionalservices, manufacturing, hospitality and retail sectors.
  4. The average cost of a data breach is $4 million which includes costs related to business disruption, revenue loss, equipment damages, legal fees, public relations expenses and forensic analysis, as well asnotification costs that are legally mandated in 47 states. (3)
  5. When your business experiences a data breach, the costs associated with that breach average $158 per compromised record. (3) Unless you secure a dedicated cyber policy, your business is not likely to have adequate insurance coverage.

McSweeney & Ricci can provide you with Cyber coverage to protect your business in the event of a data breach. For more information, contact us at 1-844-501-1359 or email us.

(1) Luke Graham, CNBC.com Published Sept 20, 2017 “Cyber Attacks are Surging and more data records are stolen”
(2) Symantec 2014 Internet Security Threat Report
(3) 2016 Ponemon Institute Cost of Data Breach Study

 

More from the Latest News

Prepare your home or business now for the winter months ahead

img-description

Now’s the time to prepare your home and business for Winter New Englanders know that winter weather sometimes shows up before the calendar marks the official “Winter Solstice.” Nor’easters and blizzards bring strong winds that can break limbs and down trees, as well as heavy snow that can cause damage to roofs and create ice […]

Why Snow Plow Liability has become Abominable

img-description

Why Snow Plow Liability has become Abominable Winter will be here before you know it.  In the Northeast, the winter months bring snow and ice that can unfortunately lead to slips and falls. If you are a property owner or a snow plow contractor, you can be held liable for injuries and need the proper […]

McSweeney & Ricci Helps Support DJ Henry Dream Fund

img-description

McSweeney and Ricci Insurance helps support the DJ Henry Dream Fund Gala at the Boston Skywalk Observatory