Data Breaches on the Rise
The recent Panama Papers leak is by far the biggest data breach in history. The leak further underlines the need for businesses to carry cyber insurance. Data breaches and cyber attacks are on the rise, to the tune of a 60% surge in breaches from 2014-2015. So whats causing these data breaches?
2014 – 18% hacking or malware, 32% unintended disclosure of records, 16% due to loss of non-electronic physical records, 6% third party vendors
2015 – 32% hacking or malware, 24% unintended disclosure of records, 16% due to loss of non-electronic physical records, 18% third party vendors
Does your company doesn’t have the cyber coverage you would need in the event of a data breach? In 2015, unidentified hackers accessed the personal records of health plan users who were members of Anthem subsidiaries. Their cyber policy limit at the time was $100 million, which experts suggested wasn’t nearly enough to cover the cost of a breach!
Chances are, your small firm wouldn’t need $100 million limit for cyber coverage. Contact our agents today to discuss your firm’s needs.