Cyber Risk is North America’s Biggest Risk in 2016!
Years ago, cyber risk was only seen as feasible in big budget action movies, but according to 2016’s Global Risk Report, North America’s largest risk is cyber risk. The future of insurance is now and we’ve outlined numerous articles and have posted a multitude of blog posts about the benefits and overall need for a well-designed cyber liability policy because it is just far too risky to operate a business in 2016 without the peace of mind of being protected on the internet.
A future where the annual costs of being connected outweigh the benefits is not only possible, it is happening now. According to models used to create “Overcome by Cyber Risks,” a 2015 report from the Atlantic Council and Zurich Insurance Group, annual cyber-security costs in high-income economies like the U.S. have already begun to outweigh the annual economic benefits arising from global connectivity. This isn’t as dire as it sounds on the surface, as costs tend to be one offs and cyber benefits accumulate over time. Still, the Ponemon Institute found that the mean annualized cost for 58 benchmarked organizations in the U.S. is $15 million per year.
At BB Insurance Marketing, we provide Cyber Liability insurance solutions for any industry with access to insurance providers with specific products to combat data breaches or hacking. Online business happens at the speed of light – don’t wait until it’s too late. Contact us to learn more about our Florida insurance solutions and cyber liability coverage or fill out our quick quote form and get a free quote today!