If Your Company Gets Hacked, How Good is Your Insurance Coverage?
In 2015, the Identity Theft Resource Center tracked 781 total breaches that exposed more than 169 million personal data records. Those Cyber crimes continue to be very costly for organizations. The average cost of Cyber crimes grew to $15 million in 2015, according to a recent survey conducted by the Ponemon Institute, a privacy, data protection and information security consulting firm. That’s a 19% increase over the previous year, and an 82% increase in the six years the survey has been taken.
Cyber insurance that offers comprehensive coverage and syncs with other coverages can help mitigate risk from payment card fraud, loss of personal information, spying, malware and other problems. Unfortunately, the U.S. Department of Homeland Security found that many companies don’t take advantage of available Cyber insurance policies because they don’t understand the risks involved in a Cyber attack and don’t understand the value of insurance coverage.
Typically, Cyber security insurance is separate from general liability and property insurance policies. The best Cyber insurance supports a response across the entire enterprise including data and intellectual property destruction or theft, business interruption, public relations, victim notification, forensics and Cyber incident management. A well-crafted blended approach is key to addressing a company’s total insurance needs.
As the Cyber insurance market develops, the industry is researching potential discounts for mitigation efforts, such as adopting best security practices or using specific security technologies and practices. When it comes to Cyber insurance, don’t cut corners. Seek world-class Cyber coverage that provides financial compensation for the various types of economic damage that may result from a data breach, but also connect with a carrier that offers robust loss control services to understand how to limit Cyber risk and how to successfully recover from a breach.
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!