May 04, 2018

Cyber Liability: Are you prepared for a breach?

Experts agree that it is just a matter of time before your business experiences a cyber liability breach.

Cyber liability is an all-encompassing term that includes exposures to extortion, funds transfer fraud, data destruction, HIPAA violations, breach of personal identifiable information and payment card industry fines and assessments. Cyber criminals are capitalizing on the potential gains by hacking, stealing and selling personal and company information. That is not the only risk. Many cyber liability breaches happen due to human error, and yes, cyber liability policies contemplate that type of breach in their coverage forms. If you think you are impervious to a cyber liability claim, think again. These types of claims are generally large enough to devastate a company regardless of size. According to the Ponemon Institute in 2017 the average cost of a cyber breach is $19 per record and $457,691 per breach. For more information read the pdfPonemon Institute's 2017 Study. Our agency is able to assist you with the right cyber liability coverage to fit your unique exposures.