It is a common misconception that some businesses have no need for cyber liability insurance. The reality is that regardless of the size of your company or what industry you are in, you have valuable information that you do not want to put at risk. While you should always have systems in place to safeguard your data, cyber liability insurance is necessary to mitigate your risk should there be a breach. Here are a few things you should know about cyber liability to emphasize the importance of having this vital coverage:
• Nearly half of the cyber claims filed are by smaller businesses, those with less than $50 million in revenue.
• The average breach cost is more than $600,000 at a cost of over $300 per record. This breaks down to $300k on crises services, $100k on legal defenses, and $200k on legal settlements.
• There are several causes of loss, including hackers, ransomware, malware, viruses, and stolen devices.
• The cost of the downtime dealing with a complex recovery for your business can put the future of your company at risk if you aren’t covered with cyber liability insurance.
• All types of data are now at risk, not just sensitive customer data.
• Cyber attacks occur in all business sectors, including retail, financial services, healthcare, and professional services.
If you would like to know more about protecting the financial stability of your business with a cyber liability insurance policy tailored to your company, contact us at Rich Haag & Associates. We have been serving the insurance needs of the Clayton, North Carolina community since 2004 and specialize in business policies of all kinds. Call today to learn more.