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.
- 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)
- 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)
- All industries are vulnerable to a data breach or cyber attack, including education, financial services, nonprofits, professionalservices, manufacturing, hospitality and retail sectors.
- 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)
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