Cyber Security is fast becoming one of the predominate challenges facing businesses of all sizes. In recent history, everyone has heard about hackers compromising government agencies, large retailers such as Target and Home depot and other well known names. However, much more of the cyber crime committed is against small to medium sized businesses.
This can include everything from raiding an attorney’s trust fund, gaining access to a small company’s system and transferring funds to a shell corporation overseas, infiltrating a small medical office and stealing patient data and even private school’s data on students and their parents. The National Cyber Security Alliance estimates one in five small businesses are victims of cybercrime each year. And 60% of those go out of business within six months after an attack. Symantec 2012 Internet Security Threat Report found that companies with fewer than 250 employees made up in excess of 30% of the targeted attacks. Primarily because most small businesses are easy targets.
The cost of recovering from an attack on your customer database can exceed $200 for every record. That number doesn’t even count for other costs such as reputation damage, lawsuits and lost business. If you have even a moderate size customer database, the costs can be horrendous. Because of this, more and more companies are seeking Cyber Security Insurance.
Our Cyber Security Liability Policies are written with Philadelphia Insurance Company which has an A.M.Best rating of A++. Coverage is available nationwide on either an admitted or non-admitted basis.