Cyber attacks are any kind of malicious activity that attempts to collect, disrupt, deny, degrade, or destroy information system resources or the information itself. Cyber-attacks can include phishing, personal data breaches, non-payment/non-delivery scams, malware, ransomware, and distributed denial of service (DDoS) attacks.
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Data breach coverage is a type of insurance coverage that helps businesses respond to and recover from data breaches and cyberattacks. It includes help with:
Cyber liability covers costs stemming from being sued resulting from your data breach.
It is estimated that every 39 seconds, a cyber-attack happens somewhere in the world. However, some industries face a higher exposure than others. Hanover estimates the average total cost of a data breach in the United States is $8.19 million with $1.42 million in average lost business. Companies should regularly review their limits to ensure they are adequately protected.
Some factors that influence pricing are the number of clients you have, the type of sensitive data you retain, overall revenue, and claim history.
Data breach and cyber liability limits range from $500,000 to $10 million per occurrence
The average cost of data breaches in the US is $8.19 million
The average cost of lost business due to data breaches is $1.42 million
The average size of a data breach is 25.575 records
The average cost per lost record is $242
The average time to identify and contain a data breach is 245 days
Everyone’s needs are different. For a comprehensive review of your data breach and cyber liability exposure, contact Wilson Insurance for a policy review.
Some examples are legal expenses, public relations support, rewards, and investigation expenses resulting from a regulatory investigation
Examples of embedded services include fraud alerts, help lines, identity restoration, consulting services, and more