The average cost of a data breach is $3.9 million, according to the Ponemon Institute’s Cost of a Data Breach report. Those costs include fees, remediation, continuity costs, and lost business — and they’re so steep, they could spell the end of a business. Cyber risk insurance means an organization doesn’t have to bear those costs alone.
Protect your business with custom cyber insurance
Evaluate Your Risk
Data and technology are critical to the ongoing operations of a business. The compromise of confidential information stored on your computer, the cloud, or a storage device could cause you to lose access to proprietary data and systems. The downtime can be lengthy and costly, a reality that many business owners know all too well – studies have shown that one in four companies have suffered a cyber attack. A breach can also lead to significant liabilities, legal expenses and regulatory costs.
Cyber security is fraught with complexity, and even the most experienced Directors can find themselves overwhelmed by the questions that arise in the wake of an attack, such as:
- What caused the breach or attack?
- How do we react to the hacker’s demands?
- Can the business survive the reputational fall out?
- What are our legal rights, and obligations?
- What data has been compromised?
- Who do we need to notify?
Erion’s Recommendations
We’re all familiar with the importance of insuring our assets against physical damage, but your intangible assets are equally as important!
Erion Insurance Group highly recommends considering the following items regarding your cyber protection:
- Confirm with your IT professional that you have sufficient security on your system to reduce the risk of harmed data.
- Never leave a laptop unattended or visible in a vehicle as theft of your device can allow others to use the stored information in a harmful manner.
- Have staff change passwords periodically.
- Never print passwords or leave them posted.
- Use Multi-factor Authentication where applicable.
- Ensure that all staff agree to your privacy and computer use protocol.
- Do not open emails from unknown senders.
- Report any unusual activity or emails to management.
- Have a Cyber Audit conducted by your IT professional to reduce the risk of an occurrence.
Cyber coverage from Erion Insurance
Cyber Insurance can be secured with varying levels of protection. We use specialized insurance markets to provide broad coverage options to match your business’ specific needs.
Cyber & Privacy Liability
- virus and hacking liability cover
- electronic data breach liability cover
- physical/paper record breach liability cover
- electronic media liability cover
Cyber & Privacy First Party Loss
- privacy breach notification and mitigation costs cover
- system and data restoration costs cover
- business interruption cover
- cyber extortion cover
- cyber theft cover
- telephone “phreaking” cover
Automatic Extensions
- regulatory investigation and fines cover including PCI
- public relations services
- court attendance compensation
