Cyber attacks were up 48% in 2014 from the previous year and the trend is expected to continue into the rest of 2015. There are currently reports of over 100,000 attacks per day. If you think hackers are only targeting larger businesses, think again. 4 out of 10 mid-sized businesses have reported a data breach.
While these staggering numbers offer more insight into the growing risks of cyber attacks, only 10% of businesses are currently covered. There’s often a misconception that it is covered through general liability, but that just isn’t the case.
A&B American Risks offers Cyber Liability Coverage through its Corporate and Business Risks programs. If you’d like a member of our staff to review your current policy and help determine if cyber cover needs to be added, please contact us today firstname.lastname@example.org.
Meanwhile, keep in mind that your cyber policy should include the following:
1. 1st and 3rd party cover
2. 3rd party cover for damages, invasion of privacy, defamation, libel and slander
3. Costs associated with:
– Credit monitoring
– Forensic costs
– Business interruption costs
– PR costs
4. Internal Error
5. Not limited to non-targeted cyber attacks
Please contact us to find out if our cyber products are a good fit for your company.