The Risk

In today’s hyper connected world, businesses rely on latest technologies and “Big Data” to create new solution or just stay competitive.  Data Breaches are increasingly becoming one of the most prominent risks in business today.

Some Alarming Statistics

Breaches are occurring everyday not only to large institutions but small businesses a well.  According to the Ponemon Institute:

• The US average cost of a breach per record is over $200.
• 45% of senior executives surveyed reported their company experiences cyber attacks hourly or daily.
• 68% of organizations have experienced a SQL injection violations in the past year.
• 66% of employees download apps to their computer in violation of company policy.
• 68% of companies allow employee owned devices inside the workplace.
• 68% of those surveyed are not confident their medical records are secure.
• 90% of  healthcare organizations have been breached.
• 65% of employees circumvent the security settings on their mobile devices.

Assess Your Systems and Procedures 

We recommend every company perform a regular independent vulnerability assessment of their systems and procedures and have vetted experts we can introduce you to.

Types of Coverage

• Data breach/privacy crisis management coverage for expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines.
• Multimedia/Media liability coverage for third-party damages including specific defacement of website and intellectual property rights infringement.
• Extortion liability coverage – Typically, losses due to a threat of extortion, professional fees related to dealing with the extortion.
• Network security liability coverage – for third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems.
• Business income & extra expense coverage for loss of sales while systems are down as well as extra expenses needed to get up and running again.

You’ve been breached.  Now what?

When a data breach occurs, response time is critical. Reputable carriers partner with leading breach response providers to help you navigate these sensitive situations providing access to firms including:

• Computer Forensics
• Data Breach Notification and Call Center Services
• Credit and ID Monitoring
• Public Relations
• Specialized Legal Counsel

For more on Cyber Risk, Click Here.

To complete our Cyber/ Info Risk Insurance questionnaire, Click Here.

We’d love to help you with your cyber risk management program. Call us at 866-957-KMRD (5673) or send us an email via the contact form below.