Cyber Liability/Data Breach

Gone are the days of thinking, “It will never happen to us.” A total of 61% of all data breaches in 2017 occurred in businesses with fewer than 1,000 employees. The harm done by a breach is extensive, quickly turning into a PR nightmare. 

Cyber Liability Overview

Cyber security and information protection can be challenging for any company. Cybercrime is expensive, costing victimized organizations about $11.7 million each per year — up 62% from five years ago.

Staff members may unknowingly put the business at risk, as 89% of data loss incidents involve authorized users. Phishing and social engineering schemes are becoming more sophisticated to appear like legitimate messages and encourage recipients to click on a malicious link or download virus-laden files.

The harm done by a breach is extensive, putting untold dents in customer perceptions and loyalty. Many businesses don’t know how vulnerable they are until it is too late. You want cyber liability/data breach coverage in place because quick action is critical if your business is victimized by a cyber-attack.

FAQs

Who needs this coverage?

Any business who does any of the following is at risk for a cyber-attack:

  • Accepts credit cards.
  • Handles or views private information of employees or customers electronically.
  • Has Wi-Fi.
  • Conducts a portion of their business online.
Cybercrime only impacts large financial services companies, right?

While stories about large financial services companies tend to be more newsworthy, small and mid-sized businesses are hit by 62% of all cyber-attacks, and the statistics don't stop there:

  • 1 in 5 small businesses become victims of cyber-attacks.
  • 60% of small businesses close within 6 months of being victimized by a cybercrime.