Delaware Business Insurance Update from CNC Insurance Associates " Numbers Don't Lie, Why You Need Cyber Insurance" 8-27-18
I saw an article the other day and it outlined some stats regarding data breach and hacks into businesses. After reviewing those numbers I had to share it in my blog as a reminder why every business needs cyber insurance. So here we go. Oh by the way, these stats are referenced from an article in Rough Notes Magazine July 2018. ( Author was Ellie Feldman.) 1) 50% OF ALL DATA BREACHES HAPPEN TO SMALL TO MID SIZE BUSINESSES 2) 1 IN 4 COMPANIES WILL SUFFER A DATA BREACH IN 2018 ( GLOBALLY) 3) THE AVERAGE COST TO NOTIFY AND MONITOR CUSTOMERS AVERAGES $225 4)GLOBALLY THE AVERAGE COST OF A DATA BREACH IN 2017 INCLUDING ANY REPORTING, LAWSUITS, NOTIFICATIONS AND BUSINESS INTERUPTION WAS $3.6 MIL. (ACCORDING TO IBM AND THE PONEMON INSTITUTE). 5) 60% OF SMALL BUSINESSES WILL GO OUT OF BUSINESS IN 6 MONTHS AFTER A DATA BREACH If these stats don't motivate you to buy coverage nothing will. Call your insurance professional today and get some cyber coverage. Until next time be careful o