The threats are increasing and time is running out to protect your company.
Research shows that cyber criminals and hackers are not only targeting medium and large businesses but also attacking smaller “Main Street” companies who are often less prepared to prevent and respond to an attack.
Cyber Liability insurance is one of the most important forms of insurance for your company to carry these days. Protect yourself from the real threats.
- Businesses are 125 times more likely to suffer a cyber-attack than damage by fire.
- 60% of businesses that suffer a cyber-attack are out of business in six months, don’t let this be you.
- Human error, not technology, is your primary risk factor – 95% of successful cyber-attacks are the result of a phishing scam.
- 57% of businesses do not have cyber liability insurance
What does it all mean? Last year, Ginni Rometty, IBM’s chairman, president and CEO, said: “Cyber crime is the greatest threat to every company in the world.” And she was right. During the next five years, cyber crime might become the greatest threat to every person, place and thing in the world.
Contact your representative immediately to discuss your cyber liability coverage options. We can help protect what’s important to you.
Additional Resources about Cyber Attacks
Additional Data on Cyber Attacks
Using hacking kits available online, cyber criminals target small- to mid-sized businesses to exploit known weaknesses in the software in which their databases or websites are built, extract valuable data, and demand payment to restore a company’s website or database. The thieves are in search of Personally Identifiable Information and Payment Card Industry Information, all of which can be bought and sold on the black market.
When this sensitive data is exposed, companies face growing costs from forensics, legal counsel, notification and credit monitoring. The average breach claim is $733,000.
Here are four common weak spots that can lead to a data breach:
- Overly Relying on IDS or ‘Intrusion Detection Software’ – These systems are intended to alert companies to attempted cyber-attacks, but frequent “false alarms” may result in IT staff failing to recognize an actual attack.
- Failure to Encrypt Private Data – In the event of a data breach, encryption can provide an extra layer of protection, making it harder for a criminal to use or sell.
- Poor Patch Management – All networks and databases require constant updates to patch vulnerabilities that cyber criminals can exploit to access data.
- Vendor Mismanagement – Third-party vendors are often in care, custody, and control of systems or data, sometimes with little oversight.
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