May 10, 2013

Cyber Liability Insurance

The cyber liability exposure for your company may vary based on your size, your industry and your risk management controls; you have an exposure to this type risk if you are doing business in today's world. Period.
Experts estimate the average cost of a data breach to be between $198-$204 per lost record. Hackers are not the only threat nor the only covered exposure. Most cyber policies extend coverage for a variety of perils including theft of digital assets, human error, cyber extortion, privacy breach and malicious code.

Not only are you at risk of suffering substantial financial costs in the event of a cyber event, there are also notification costs (state mandated) and possible fines and legal expenses. In addition to all of these concerns your reputation and public perception as a safe company to do business with are at risk.
For more information please go to Travelers Business Insurance Cyber Risk Page