Similar to business insurance, cybersecurity insurance is intended to mollify business losses after a cybersecurity event has occurred and includes the following:
If a cybercriminal is able to successfully hack into your server, it could be weeks or longer before you discover the breach. According to CNBC, in 93 percent of stolen data cases, it took cybercriminals mere minutes to hack into a company’s seemingly secure server. In over 80 percent of those cases, the affected businesses didn’t learn about the breach until weeks later. In this amount of time, hackers can encrypt, steal and sell highly sensitive data on the dark web. This puts not only the confidentiality of your clientele in danger but your business operations and the organization itself, too.
Here’s something else to consider: Can you afford not to get a data breach insurance plan?
Using the previous studies, this will cost:
Total cost: $194,390 | Total cost per record: $97
Lawsuit cost: $582,160 | Total cost: $784,950 | Total cost per record now: $392
Guess what that equals? CLOSED DOORS
Fills the gaps between state- and federal-specific definitions after a data breach
Legal defense expenses, fines and penalties assessed by federal, state, and local authorities
IT forensics, customer notifications, PR, and credit monitoring services
Addresses the human element and allegations of a “Security Wrongful Act”
Defamation, libel, slander, copyright, and more
Expenses and payments (within limits) to a harmful third party to avert potential damage
Compliance assessments and expenses involving cardholder information
Extensions respond to an intentional or misleading material facts contained or conveyed within an electronic or telephonic communication(s) that are believed to be genuine
Provides for lost business and earnings, expenses, and digital-asset restoration costs