Could a data breach wreck your company?
Could a data breach wreck your company?
One minute from normal following a cyber attack, the average annual cost for small to mid sized businesses has reached $200,000.
Just one laptop or a thumb drive packed with sensitive information costs an average $50,000 – including forensics, notification costs, lost intellectual property, and legal, consulting and regulatory expenses.
Nearly every state requires companies to notify individuals whose personally identifiable information has been stolen or lost. The attorney general of Massachusetts can seek a court-imposed $5,000 civil penalty for each violation involving a resident of that state. This number is multiplied for each person, and does not cover legal and reputational defense costs. The AG of Connecticut requires notification within 5 days of the event or fines and penalties ensue.
With costs so high, it is not surprising nearly 60% of small business shut down within 6 months of a cyber attack.
While the first wall of defense against cyber risk is a comprehensive data security plan, no amount of preparation can fully protect a firm from a security breach. If the right cyber security insurance coverages are not in place, any (every) business could be only six months away from shutting down.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To learn more about cyber security insurance, contact us at contactus@kmrdpartners.com before one minute from normal strikes your company
