CYBER/DATA BREACH INSURANCE
The information age is full of opportunity. Sometimes for the wrong people.
An estimated 353 million individuals were impacted by identity theft or cybercrime in 2023, a record high, according to the Identity Theft Resource Center. Businesses have both legal and ethical obligations to inform their customers and the public, and cyber/data breach insurance helps reduce the potentially devastating effects of electronic threats.
Consider our cyber/data breach insurance services.
Data breaches, denial of service attacks, malware, and viruses continually threaten organizations of all sizes. Cyber insurance protects against damages resulting from data breaches. Unfortunately, organizations mistakenly believe their traditional insurance policies cover them for all privacy/security exposures and notification expenses of cyber crime. If your current coverage is insufficient, unexpected costs can be financially devastating. The global average cost of a data breach in 2023 was $4.5 million. Cyber liability insurance can cover costs related to data restoration, hardware repair and replacement, legal liability, legal fees, and customer notification.
What coverages are available under cyber/data breach insurance?
Any business that processes and stores sensitive data should consider purchasing cyber insurance. Cyber liability insurance can cover costs related to data restoration, hardware repair and replacement, investigative fees, legal liability, legal fees, and customer notification.
What factors impact my coverage and cost of coverage?
The cost of commercial cyber insurance and the amount of coverage you require depends on a number of factors, including the nature of the data you collect, the network security you have in place to protect that data, and your claims history.
We’re here to help you succeed.
Let Marshall+Sterling help you determine the right cyber/data breach insurance for your organization. Reach out to us today to learn more.
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