Top 5 Reasons Your Business Needs Cyber Coverage


It takes only one cyber event or data security breach to impair your company’s financial results, or even potentially put you out of business. One resourceful hacker, virus, or system glitch can shut down your entire network within minutes, paralyzing operations and your ability to earn income. One successful hack, lost laptop, or lost paper record can cause a data breach impacting the privacy of customers, employees, and others.

cyber coverage

Why your business needs Cyber protection –

1 – The main root causes of a data breach in the U.S. are malicious/criminal attack, human error and system glitches.

2 – Any organization that retains physical or electronic records of employees, customers, or other third parties is vulnerable and can be a victim of a cyber event.

3 – 95% of businesses rely on their computer systems functioning properly for their business to operate.2 If systems go down due to a glitch, error or attack businesses can be at risk of suffering loss of income and customers.

4 – Ransomware is evolving and becoming more advanced with infections up 40% within the past year. Extortion events can have a significant impact on business’ operations and often require payment of ransom to regain access to data and systems.

5 – 49% of organizations with at least one significant attack were successfully attacked again within one year.

CyberRisk coverage is specifically designed to help in the event of a cyber breach and is available for businesses of all sizes. And CyberRisk protection doesn’t end after a breach occurs. New to CyberRisk is betterment, an insuring agreement that provides coverage for costs to improve a computer system after a security breach, when the improvements are recommended to eliminate vulnerabilities that could lead to a similar breach. Find more information here.

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