The global average cost of a data breach is around $3.83 million. Cybercrime can lead to the loss of valuable business information, revenue and countless hours of time. It is more important than ever before to invest in cyber liability coverage, especially in today’s cybersecurity landscape.
What are the most common current cyberattacks?
In today’s world, the most common cyberattacks are malware — specifically ransomware — and phishing.
Malware: Malware is a type of software that intentionally causes damage to your server. The most common use of malware is to access your data and steal your information, so hackers can use it to gain access to bank accounts, confidential information and even steal your identity.
48% of organizations found information-stealing malware activity in their technology in 2021. (Cisco)
Ransomware: Ransomware is a form of malware that causes damage to your computer restricting access to confidential information until a ransom is paid.
About 37% of global organizations said they fell victim to some sort of ransomware attack in 2021. (IDC)
Phishing: A phishing email is a bogus email that is carefully designed to look like a legitimate request from a legitimate business or organization.
86% of organizations had at least one user try to connect to a phishing site in 2021. (Cisco)
What are the damages from cybercrime?
- Ransomware costs
- Data loss and stolen intellectual property
- Downtime costs
- Reputational damage
- Altered business practices
What does cyber liability insurance cover?
There is not a one-size-fits-all solution when it comes to cyber liability insurance. Every organization must assess its cyber risk and needs. But, you can rest assured that if you invest in some sort of cyber liability insurance, your business will be safer if you suffer from a cyber attack.
Typically, cyber liability insurance covers data recovery, investigations, regulatory expenses, crisis management, and more.
Knowing what to ask your insurance agent will ensure that you have the right cyber liability coverage. Download our cyber liability insurance checklist here to make sure you have all of your bases covered.
If you would like more information or need help finding a reputable agency that specializes in cyber insurance, give our office a call at 678-257-3985.