Can you risk NOT having Cyber Insurance coverage?

Do You Know What a Data Breach Could Cost You?

Hint: It could be everything

WARNING The Results May
Shock You

Sure, you might know that there are “some” monetary repercussions of suffering a data breach, like the costs associated with notifying the individuals involved, but what about the rest? Rely on word of mouth or referrals? Customers may not be so quick to refer a company that compromised their data.

Exploitation: From paying the ransom to access your files or finding out you’ve experienced fraudulent wire transfers.

Fines & Penalties: Federal, State, and PCI can all impose fines and penalties on an organization when a security incident occurs.

Crisis Management: Financial damage is bad, but reputational damage is devastating. Gaining back lost trust is a hard pill to swallow.

Healthcare Organizations at Risk

67% of healthcare breaches were caused by negligence

Internal mistakes are causing twice as many breaches as external forces like hacking. The best way to prevent an incident? Education and preparation.

Oxford Academic Journal of Cybersecurity

Less than 6% of their budget is in cybersecurity

10% of healthcare organizations and their business associates lowered spending on security. Instead of modernizing to combat their threats, they’re ignoring the problem.

CyberPolicy, Identify Experts Corp

How to Calculate Your Cost

Enter the number of customers’ data you have access to and choose between three types of data breaches:

  • Payment Card Industry (PCI) How much could a breach of credit card information cost you?
  • Protected Health Information (PHI) How much could losing patient data cost you?
  • Personally Identifiable Information (PII) How much could losing Social Security numbers or email addresses cost?

Press “Calculate” to see what a breach could cost you! Hover over any of the associated costs to learn more.

Data Breach Cost Calculator

Proactive Prevention & Protection

It’s been proven that a comprehensive and continuous security education program can effectively reduce phishing click rates by up to 64%. With phishing being one of the top attack methods used by cybercriminals, investing in a phishing and education program has been shown to output a 37-fold Return on Investment. If a criminal does get through? That’s when one of our robust cyber insurance policies, covering up to $1M, comes in!

Ponemon Institute. “The Cost of Phishing & Value of Employee Training.”

How Can Cyber Insurance Help?

Exploitation

Cyber criminals access your network by leveraging human error. From fraudulent wire transfers to ransomware, you’re covered.

Investigation & Notification

Security incident? Time to investigate exactly who and what was compromised through our verified vendors that will help you from investigation to notification.

Crisis Management

Who wants to work with a company that lost customer data? Don’t worry, the reputational damage can be handled with experienced PR support, provided for you.

Financial Support

All these costs add up, how can you afford it? With cyber insurance, you don’t have to. From fines & penalties to legal and liability expenses, we’ve got you covered.

Why Do I Need Cyber Insurance?

But I have business insurance…

Unfortunately, not all standard business or malpractice insurance policies cover cyber events like data breaches, ransomware, and business email compromise, or the expenses associated with them. It’s important to understand what coverage is included in a cyber insurance policy so you can be sure to choose the one that best fits your business needs.

I’m a pretty small company, I think I can risk it.

We wish it was that easy! 64% of small to medium-sized businesses surveyed reported suffering a cyber attack. What’s worse? Less than 2% believe the attack had no impact on their business. Most common hurdles after an attack? Money, time/effort, and data loss.

Underserved and Unprepared: The State of SMB Cyber Security in 2019

How do I know if I need cyber insurance?

Collect payment information online? Have a database of patient information? Digitally store employee information like Social Security numbers? Located in any of the 50 United States each with differing Breach Notification Laws? If you answered yes, then you should have a cyber insurance policy.

Protect your business from
going out of business

Don’t wait until it’s too late. Proper proactive measures can not only minimize your chances of experiencing a cybersecurity incident but if you do, can help cover the associated expenses. Contact us today to go over our next-to-none cyber insurance policies so we can help you establish a security program that fits your needs.

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