It takes only one cyber event or data security breach to impair your company’s financial results, or even potentially put you out of business. One resourceful hacker, virus, or system glitch can shut down your entire network within minutes, paralyzing operations and your ability to operate and earn income. One opened attachment, successful hack, lost laptop, or lost paper record can cause a data breach impacting the privacy of customers, employees, and others.
Here are 5 reasons your business needs Cyber Insurance:
1.49% of organizations with at least one significant attack were successfully attacked again within one year
2.Ransomware is evolving and becoming more advanced with infections up 40% within the past year. Extortion events can have a significant impact on business’ operations and often require payment of ransom to regain access to data and systems
3.95% of businesses rely on their computer systems functioning properly for their business to operate. If systems go down due to a glitch, error or attack businesses can be at risk of suffering loss of income and customers
4.Any organization that retains physical or electronic records of employees, customers, or other third parties is vulnerable and can be a victim of a cyber event
5.The main root causes of a data breach in the U.S. are malicious/criminal attacks, human error and system glitches