With one of the world's largest retailers, Target, recently having a HUGE breach in cyber security, it has become essential for businesses to make sure that their company and its assets are protected from cyber theft.
Travelers Insurance issued a "Top 5 Reasons Your Business Needs Cyber Risk Coverage":
1 Data breaches and cyber attacks are becoming more common and have increased 42 percent in the last year alone.1
2 40 percent of all breaches have occurred in organizations of 1000 or fewer employees and 31 percent in organizations of fewer than 100 employees.2
3 All industries are vulnerable to a data breach or cyber attack, including education, financial services, nonprofits, professional services, manufacturing, hospitality and retail sectors.
4 The average cost of a data breach has risen to $5.4 million3 and includes costs related to business disruption, revenue loss, equipment damages, legal fees, public relations expenses and forensic analysis, as well as notification costs that are legally mandated in 46 states.
5 When your business experiences a data breach, the costs associated with that breach average $188 per compromised record.3 Unless you secure a dedicated cyber policy, your business is not likely to have adequate insurance coverage.
Information obtatined from: Travelers Site
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