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CyberRisk

Top 5 Reasons your Business needs
CyberRisk Coverage
Data breaches and cyber attacks are becoming more common and have increased 42 percent in the last year alone (Symantec 2013 Internet Security Threat Report).
40 percent of all breaches have occurred in organizations of 1000 or fewer employees and 31 percent in organizations of fewer than 100 employees (Verizon 2013 Data Breach Investigations Report).
All industries are vulnerable to a data breach or cyber attack, including education, financial services, nonprofits, professional services, manufacturing, hospitality and retail sectors.
The average cost of a data breach has risen to $5.4 million (Ponemon 2013 Cost of Data Breach Study: Global Analysis) and includes costs related to business disruption, revenue loss, equipment damages, legal fees, public relations expenses and forensic analysis, as well as notification costs that are legally mandated in 46 states.
When your business experiences a data breach, the costs associated with that breach average $188 per compromised record (Ponemon 2013 Cost of Data Breach Study: Global Analysis). Unless you secure a dedicated cyber policy, your business is not likely to have adequate insurance coverage.


Article and Pictures Courtesy:
travelersbond.com

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Chris Grammar
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Isabel
Commercial Insurance Specialist
Mimi Watson
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