Why should I car about Cyber Liability?
In an ever-growing technological and online age, the cyber risks are increasing. Liability for loss of consumer or employee data is not typically covered under a corporate insurance policy. You may think that only large companies are the ones that are at risk, but that is not the case. Studies have shown that over 72 percent of data breeches have occurred in small to medium sized businesses with 40 percent of those breeches occurring in organizations of 1000 or fewer employees, and the average cost of a data breech is upwards of 5 million dollars.
Many overlook this type of insurance due to the fact that they do not know that something of this nature exists or they don’t think a data breech could happen to them, but actually we are all at risk. With October being National Cyber Awareness month, now is the time to learn or reevaluate if Cyber Liability Insurance is something for you and your business. Cyber liability is available for organizations of all sizes, and it can be offered as a standalone policy or as part of a comprehensive suite of other management liability overages.
By: By: Niklas Almström, Insurance Advisors