The Importance of Cyber Liability Protection.

Cyber breaches are on the rise and taking longer to resolve. For businesses that experience a cyber breach, it takes an average of 14 days to resolve the attack and costs an average of $17,696 per day.¹ In spite of this, you may be finding that your customers don’t realize just how important cyber liability protection can be. You may even be noticing that there’s a general lack of awareness about the exposure; how cyber policies work; or perhaps even assumptions that existing policies will provide coverage for this type of risk.

According to the 2009 FBI Computer Crime and Security Survey, 71% of American companies endanger their financial stability by not having insurance that will cover Internet liability. Almost every company has some kind of network, database or online presence that puts it at risk for litigation. Don’t think it applies to your company?? Ask yourself (Do we own a laptop that could be lost??, Do we have a website??, Do we accept credit cards?? Do any of our employees use smart phones for communication with our customers??). If so, your company is at risk and federal laws make it very expensive to protect your clients information.

We’ve created a short video that you can share with your customers to help address some of the common misconceptions about cyber risk.

 

The video will help customers develop a basic understanding of cyber risk, the types of companies that are commonly exposed, what happens when a company faces a breach and the importance of having cyber liability coverage to protect their business.

Contact The Kimball Group to learn more about protecting your business.

This video and most information was supplied by The Hartford.

This was not written by The Kimball Group.

 

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