Threats come to us daily, in all shapes and sizes and from every area of our lives. Thankfully, we have insurance to help us mitigate the risk and weather the financial storm. But cyber-crimes often go overlooked.
Because we’ve seen how devastating to businesses it can be, we want to make you completely aware of the world of Cyber Liability.
So, What Is Cyber Liability?
Clients, employees, vendors, and others trust your organization with their electronic data and sensitive information. When you lose any of that information… your company can be held liable for any damages that occur due to the customer’s loss of sensitive data that you were responsible to keep secure.
of data breaches are going to happen from right within your organization
is the average cost of a successful and widespread malware attack
Examples of Cyber Liability Claims
Approximately 50% of data breaches are going to happen from within your organization. A trusted managed service provider will help you to secure your network in order to minimize your risk of cyber liability. According to the Ponemon Institute’s 2017 Cost of Data Breach Study, the average cost of a successful and widespread malware attack sits at about $2.4 million dollars. They also predict a terrifying 27% growth rate in cyber-attacks taking place year over year.
But thankfully, there is a solution…
Cyber Liability Insurance Policies
Cyber Liability Insurance can help insulate you from certain destruction should a successful cyber-attack find its way into your network. Cyber liability insurance protects you from the financial fallout of a cyber-attack or data breach just as property insurance will cover the losses sustained if your office building burned down.
It’s not just businesses like Equifax or Target that attackers are going after. They’re going after smaller companies like yours because they know that they have a better chance of getting inside the network.
A Cyber Liability Insurance Policy can no longer be considered an option. It should be a line item in your budget to give you peace of mind and possibly help you avoid a negative life-altering experience.
For more info on getting the absolute best Cyber Liability Insurance policies available, click here.