In today’s data-driven world organizations of all sizes have had a cyber attack or data breach and the average cost to rectify a breach has risen to $5.4 million. Just one stolen laptop, one resourceful hacker, one virus or even one lost paper record can create enormous financial and reputational consequences for your business.
It’s not a question of if your organization will suffer a breach, but when.
Top 5 Reasons your organization needs Cyber Liability Insurance
1. Data Breaches and cyber attacks are becoming more common and have increased 42% in the last year
2. 40% of all breaches have occurred in organizations of 1,000 or less employees, and 31% in organizations of fewer than 100 employees
3. All industries are vulnerable to attack
4. The average cost of a breach has risen to $5.4 million
5. When an organization experiences a data breach, the costs associated with that breach average $188 per compromised record
Call our office today to discuss this vital coverage!