Cyber and Privacy Liability - A Growing Business Threat

Virtually every organization faces data and cyber risk especially those that rely on technology to do business. By 2021, it is estimated that 35 Billion devices will be installed worldwide. With so many connected devices, data and cyber risk is an exposure that modern businesses cannot escape. When cyber attacks like data breaches and hacks occur, they can result in devastating damage. Businesses have to deal with the financial impact on business interruption, lost revenue, data retrieval and recreation, fines and litigation, and the negative press your business receives. On average, it will cost a U.S. organization $225 per record breached. You can reduce this exposure and cost by taking extra precaution, providing training and supporting with the correct insurance solution. Check out this video to learn more about this insurance option:

Cyber exposures aren't going away and, in fact, continue to escalate every day. It's not if you'll be a victim of a data breach, but when. Businesses need to be prepared in the event that a cyber attack strikes. You can protect your business with $1,000,000 in liability coverage for about $1,000 a year. To learn more about cyber liability insurance request a quote or contact us today!

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Data and Cyber Security

How Much Does Cyber Insurance Cost?

While there are a number of factors that determine the cost of your cyber and data liability insurance, the main areas of focus are:

• What type of business and industry you are in.
• Gross revenue and the number of payment card transactions.
• Number of records containing Personally Identifiable Information (PII) you store.
• Compliance with standards like Payment Card Industry (PCI) Data Security Standards (DSS).
• Any cyber liability loss history or any prior security incidents that may arise in a loss.

Our solutions have liability limits ranging from $250,000 to over $5,000,000+. (Limits above $5,000,000 are available.) You can protect your business with $1,000,000 in cyber coverage for about $1,000 a year.

What kind of damage can a ransomware attack have on my business?

A ransomware attack on your business can cause a lot more damage than simply paying the ransom itself. The attack ripples through your business and includes business interruption, reputational harm, a potential data breach, system rebuilding, and much more. 

Just the facts:

• In late 2020 70% of attacks included threats to leak information, leaving businesses exposed to 3rd party liability due to the compromise of clients, partners or employee sensitive data.  
• In Q4 of 2020 on average businesses experienced 21 days of downtime, leading to lost revenue.
• The cost per record exposed in a ransomware attack that leads to a breach is estimated at $146 per record, including reputational damage and credit monitoring services.
• The average cost of a data breach in 2020 was $716,000.
• While the average cost of a ransom payment has decreased, the cost of recovery has more than doubled.

Having the right cyber solution in place helps immediately with ransomware attacks and gives access to a team to manage the breach, forensics, and ransom experts to negotiate the ransom. Plus, there are additional financial resources to help your business return to normal operations as quickly as possible. 

Want to protect your business from today’s number one cyber threat? Contact Top O' Michigan today to begin your cyber solution!