In today’s world nearly every company has a cyber risk. It seems that daily, we learn about yet another cyber security incident and there is no evidence to suggest this trend will slow down in 2020 – brace yourselves!
It’s not all ominous, however. The good news is you have options to protect yourself against such attacks. Proactive cyber security should be the number one agenda item of any business as it relates to cyber attacks. However, as these attacks become more and more sophisticated the need for cyber insurance coverage is becoming increasingly more important. Any business that stores personally identifiable information (PII) for employees, customers, or future customers should have a cyber liability insurance policy. It does not matter if these records are in the cloud, on an internal server, or even on paper files (yes those still exist) – they are all at risk from these types of attacks.
PII includes any data that can be used to identify a particular individual, such as name, date of birth, email address, social security number, credit card number, or bank account number, etc. And even worse, the average cost of notifying those whose PII has been stolen has now risen to $150 per record! That is not per person, but per each individual record you hold for that person. So, if you hold only 1,000 records, you’re looking at a baseline cost of $150,000 in the event those records are stolen… can your business afford this cost out of pocket?
Talk to your agent or, better yet, give us a call today to discuss your options! All things considered, insuring your business against cyber attacks is less expensive than you think.