According to a recent survey of IT professionals by Bitdefender (here, article here), 34% of US companies were breached in the 12 months prior to the survey. However, the study focused on 250 larger companies, those with more than 1,000 PCs, and was conducted during the third quarter of 2016. There was no mention of Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage). Additionally:
- Two-thirds of companies would pay an average of $124k to avoid public shaming scandals after a breach. Some 14 percent would pay more than $500k.
- Only 64 percent of cyberattacks can be stopped, detected or prevented with the current resources
In addition to strong IT security, Cyber Risk Insurance is an important financial protection against hacking attacks. Coverages vary widely, but comprehensive Cyber Risk Insurance policy forms are available.
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 and specialty insurance (E&O, D&O, EPL, Cyber Risk, Specialty). Cyber Risk Insurance is our specialty, and we excel at hard to place accounts.
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