Cyber attacks are on the rise. Hackers strike on average every 39 seconds. Yet according to IBM, the average time to identify a breach in 2019 was 206 days! How much damage could be done during that time? Seventy-one percent of those breaches were financially motivated, while 25% were espionage. The average cost of a data breach is $3.92 Million, which does not include the cost to your reputation.
MITIGATE YOUR RISK WITH CYBER INSURANCE
To help businesses control costs and minimize risk, insurance providers have developed cyber insurance. Typical cyber insurance covers your business’ liability for a data breach involving sensitive information such as private, health, and financial information. It can also cover legal fees, notifying affected customers, restoring personal identities, recovering compromised data, and repairing damaged computer systems. On average, a $1 Million-policy would cover approximately 5,000 lost records.
Cyber insurance is a must-have for any business that handles private information. It can be a lifeline for your company in case of a breach and it can add a comfort level for customers who want to know that you take data privacy seriously.
INSIDE OUR CYBER INSURANCE GUIDE
Because cyber insurance is a relatively new offering, many business leaders are left wondering what to include in their policies. Download our comprehensive guide to help you navigate the buying process.
- WHAT IS CYBER INSURANCE?
- WHY DO YOU NEED IT?
- 12 AGREEMENTS TO INCLUDE IN YOUR POLICY
- KEY CONSIDERATIONS
- QUESTIONS TO ASK BEFORE YOU BUY