Monday, August 27, 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 there and know your risks.


G. Kevin Nemith  President CNC Insurance Assoc. Hilb Group
1-877-262-3276
www.cncinsurance.com