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Cyber Liability

With the worldwide news headlines reporting on major companies experiencing data breaches, cyber threats and being the target for crafty cybercriminals, Cyber Liability Insurance is on the minds of business owners small, midsized and large.

Studies have shown that close to 60% of small businesses end up closing their doors permanently within six months of a data breach or cyber-attack. Most small businesses consider themselves at low risk for an attack but investigative reports show that small businesses have suffered cyber-attacks much more often than large businesses. The cost of a data breach can easily devastate a small to midsize company with averages of $900,000 lost due to business disruptions. Each stolen record costs the business approximately $180 per record of compromised data.

Attacks are well organized, focused and on the rise. The attacks target sensitive personal information, credentials and infect innocent, unsuspecting legitimate small business websites every day. Often these infected websites are then used by the cybercriminal to perpetuate the threat to others, leaving these legitimate businesses compromised on multiple levels. Here are some reasons why your small to midsize business may be at risk for an attack:

  • Your data, the data you have on clients or, your connection to other’s data is directly valuable to the cybercriminal
  • Cyber-attacks offer a very high return to criminals and are also a low risk venture for them
  • Small Business IT budgets, personnel, tools and software are often limited, which makes them easy targets

Here are just a few of the risks that Cyber Liability might cover:

  • Damages arising out of wrongful privacy, security or multimedia acts
  • Cyber-extortion expenses
  • Expenses resulting from customer notification or regulatory fines
  • Crisis Management and Breach response or remediation costs
  • Restoration of digital assets
  • Loss of business income due to a security compromise
  • Defense, investigation and settlement of claims

We want to make sure that your doors stay open and that you do not become one of the statistics noted at the top of the page.

Call us to speak with one of our highly trained professionals to help assess your risk and find the right product to meet your specific needs.

Contact Us!
325 Columbia Turnpike
Suite 106
Florham Park, NJ 07932
Tel: 973-538-6300