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Target, LinkedIn, eHarmony, Yahoo! – all companies that suffered huge losses following cyber-attacks. Cyber experts agree that it’s now no longer a question of “if a business suffers a data breach, but “when.” And because policy language increasingly excludes cyber loss from commercial general liability (CGL) coverage, your business faces a very real risk – one that could even be a death sentence.
Cyber breaches are rampant and costly!
- 2 million cyber-attacks on businesses occur every week
- 72% of all data breaches occur in small – to medium – size businesses
- 100,000 customer records are affected in an average cyber attack
- $300,000: average total cost of a data breach
Where your company is vulnerable?
- Social media – One in 10 social network users have fallen victim to a scam or fake link on their social network platforms. Facebook alone accounts for more than 600,000 compromised users daily.
- Mobile payment platforms – Nearly 3 in 5 compromised credit-card transactions took place using a mobile payment platform.
- Ex-employees – 59% of former employees admit to stealing company data when leaving.
What cyber liability policies cover?
- Liability for security or privacy breaches, including loss of confidential information via unauthorized access to computer systems.
- Costs associated with a privacy breach, including consumer notification and costs of providing credit – monitoring services to affected customers.
- Costs associated with restoring, updating, or replacing business assets stored electronically.
- Business interruption and extra expense related to a security or privacy breach.
- Liability associated with libel, slander, copyright, infringement or reputational damage.
- Expenses related to cyber extortion or cyber terrorism.
Industries most at risk:
These business sectors experienced the highest incidence of cybercrime:
- Manufacturing: 26.5%
- Finance and insurance: 20.9%
- Information and communication: 18.7%
- Health and social services: 7.3%
- Retail and wholesale: 6.6%