Many enterprises and institutions of today think that their normal umbrella liability policy has them covered for cyber incidents, and only about 1/3 have specific cyber insurance. The bad news is that many are finding that their current liability policies leave them woefully and inadequately covered for cyber incidents…just ask Sony and their estimated $171m hard cost that could have been offset by cyber insurance.
Cyber incidents can have financial, operational, legal, and reputational impact. Recent high- profile cyber attacks demonstrate that cyber incidents can significantly affect capital and earnings. Costs may include forensic investigations, public relations campaigns, legal fees, consumer credit monitoring, and technology changes.
While cyber insurance can’t protect you from cybercrime, it can keep your business on stable ground should a significant cyber event find its way to your door. Big-name company’s security breaches make headlines, but what isn’t commonly known is that 63% of all losses are to firms with less than 100 employees. Our Cyber-Risk-Insure product at ThreatAdvice can help provide you with the cyber insurance coverage you need to avoid catastrophe in the event of a successful attack.