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Showing posts from August, 2018

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 out ther…