Cyber Coverage

Why Cyber Liability?

Cyber crime is on the rise. Businesses are increasingly vulnerable to identity theft, data breaches, ransomware attacks, and more. Recovery and reparations from these attacks can be costly and time-consuming.

According to a world-wide study sponsored by IBM Security, the average cost of a data breach in 2021 was over $4 million. In addition, the third quarter of 2021 saw more data breaches than the first two quarters combined.

Forty-three percent of all cyber attacks are against small businesses. Even more sobering, 63% of small businesses experienced a breach in the last year.

Who Needs It?

Simply put, any business with a computer and internet connection is at risk. What’s more, companies who handle digital payments, Personally Identifiable Information (PII), or other sensitive data can be exposed to costly and potentially-crippling damages. Sixty percent of small-to-mid-sized businesses that are hacked go out of business within six months.

Many general business policies may not cover damage from cyber events. Coverage for first-party, third-party, and cyber crimes can help mitigate the losses associated with cyber attacks.

Adequate cyber coverage can provide peace-of-mind in a rapidly-evolving arena.

Sample Coverages

Cyber liability insurance can help cover the costly fallout from a cyber attack. Examples include:

• Business Interruption
• Contingent Business Interruption
• Data Recovery
• Extortion/Ransomware
• Bricking
• Network Security and Privacy Liability
• Regulatory
• Media
• Computer Fraud
• Funds Transfer Fraud
• Social Engineering