Keep posted, keep informed.
315 risk professionals were interviewed for a recent survey conducted by Advisen regarding the current state of cyber threats. The findings, which were explored last night in New York City, implied that businesses were less concerned with cyber risks despite their increase in popularity and severity over the past seven years. These findings, as we’ll explore, indicate the need for every business to carry a Cyber Liability Insurance policy.
Property Casualty 360 sheds light on the following conclusions:
- In 2017, 60% of the risk professionals surveyed said executive management view cyber risk as a significant threat to their organization, down significantly from 85% in 2016.
- Only 53% of respondents knew of any changes to their companies’ cyber security systems in response to the high-profile attacks that took place in early 2017.
- Growth in the purchase of cyber insurance has gone stagnant after a steady six-year increase from 35% to 65%.
This report indicates that businesses are complacent in their duties to proactively protect their data from being compromised. Even while big name companies continue to suffer attacks, the magnitude impact is still going unnoticed.
Next, the growing cost of attacks is another huge concern. In the healthcare industry, for example, the average total cost of a breach reached a staggering $3.7 million. This accounts for critical data loss, public relationships, forensic investigations, legal fees, and more that result from a cyber-attack, especially in a high-profile breach.
In conclusion, businesses of all types and sizes need to protect their assets, their data and their reputation from being tarnished with a cyber liability insurance policy. While this coverage is still in its infancy, increasingly complex threats are continuing to arise. Aside from implementing a Cyber Security Strategy and Recognizing the Signs, this policy serves as a business’ first line of defense after an attack.
About Mavon Insurance
At Mavon Insurance, we specialize in crafting custom-tailored solutions for personal, commercial, professional and national programs. Our comprehensive Cyber Liability coverage includes, but is not limited to, forensic analysis, website publishing, programming errors and omissions, breach notification and monitoring services, crisis management, extortion, and much more. For more information regarding our products and services, or to become an agent with us, contact our knowledgeable experts today at (877) 426-2866.