Small and medium sized businesses have as much exposure to Cyber attacks as large businesses, if not more (see our prior post here), and Cyber Risk Insurance is essential for protection, concludes a recent report. The report, Exposed, Targeted and Breached: The Risk of Cyber Crime from Assurex Global (see here and here), notes four common misconceptions about Cyber Risk Insurance:
- Cyber crime only happens to large companies.
Medium and small businesses incur cyber attacks, too, but you aren’t as likely to hear about them on the news. Microsoft asserts that 20 percent of small to midsized businesses have been cyber crime targets.
- My type of business isn’t a target.
Every business is a target
- We can self-insure against a data breach
The average total cost of a data breach … was $3.79 million, up 23 percent from 2013
- We outsource our network security, data management, and payment transactions
…as the original data owner, you will be named in third-party lawsuits and likely be held liable in most jurisdictions
Cyber Risk Insurance is a critical insurance coverage for small and medium sized businesses. Policy forms vary and comprehensive forms are available. In addition, coverage can be customized for special situations.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). We excel at hard to place accounts, including Cyber Risk Insurance.
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