» The Importance of Cyber Insurance in 2021
August 31, 2021
With the impact of the COVID-19 virus and the new challenges that come with a much larger work-from-home environment, the risk associated with incurring a Cyber-related event is on the rise. Whether you are a small-to-medium sized business or even an insurance carrier that brings in billions in revenue, like CNA, the chances of incurring a Cyber related event have never been greater. Britton-Gallagher would like to share some facts with you that have shown us why mitigating your risk with a Cyber insurance policy has never been more beneficial:
1. Over half of all cyberattacks are aimed at small-to medium sized businesses.
2. Covid & additional exposure: work from home environment leads to higher exposure. Phishing, Misdelivery & misconfiguration were in the top 5 types of actions that led to company’s data breaches. This led to 75% of Cyber claims being due to preventable human error.
3. The average time to be able to identify a breach in 2020 took 207 days. To contain the breach took 73 days on average. This can lead to large business down times, sometimes 2-3 days long without your network with the help of technical experts.
4. Costs of Cyber claims are on the rise. Data supplied by a leading Ransomware recovery first-responder Coveware, the average ransomware payout has grown from less than $10,000 per event 3 years ago to more than $154,108 per event in the 4th quarter of 2020
5. 99% of cyber insurance claims were paid in 2018, which means cyber has one of the highest claims acceptance rates across all insurance products.
Britton-Gallagher offers comprehensive Cyber coverages for businesses of all shapes & sizes. Along with ensuring your losses are covered, these coverages also come with proactive risk management tools to help reduce the element of human error and ensure your business remains operational and your data remains secure.
Please let us know if you would like an estimate of cost…its quick and easy.