In today’s data rich environment, it might not be if, but when, your firm’s data is breached. And when this happens, cyber liability insurance will come in very handy. From the cost of notifying affected parties to legal fees to reputation management, cyber coverage can help your company cope with the tangible and intangible costs of an attack. Among the many unnerving aspects of the cyber crime: it can be days, months or even years before a problem is detected.
Look no further than the case of Yahoo!, which announced in December that more than one billion users had their accounts compromised more than three years ago. And nearly 70 million Dropbox users had their login credentials stolen in 2012 -- a breach announced by the company this summer.
For companies who haven't yet considered cyber coverage, the subject might seem an item easy to put on the back burner -- an item addressed another day.
We understand that inclination. Cyber coverage can seem complicated, and why add another expense if it's not needed? Well, for one thing, cyber breaches can be very expensive to address, leaving firms that go it alone at risk of using valuable capital to fix the problem.
Then there's the unrelenting thirst of hackers for your data. Security firm Symantec estimated that more than a half-million identities were exposed to cyber criminals last year -- and warned the count might be even higher, given the reticient of firms to publicly announce a problem.
If you would like to learn more about cyber coverage and want to get a handle on what it will cost, The Plexus Groupe can help. Start by filling out our Cyber Liability Indication Request. It's quick and easy, and you'll start to get a sense of what it will take to sufficently protect your business. For even more information on Plexus's cyber coverage expertise, contact a property and casualty client executive at 847-307-6100. Let's have a conversation about getting you covered for cyber events now and in the future -- especially the ones your firm learns about long after the hackers have disappeared into the dark Web.