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Knowledge Center Items 13 Reasons Why Cyber Insurance is the Most Important Coverage

13 Reasons Why Cyber Insurance is the Most Important Coverage Your Clients Haven’t Bought Yet

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The cyber threat to US businesses is significant and continuously evolving, yet it’s not always taken as seriously as it should be. From phishing to ransomware and everything in between, there’s no limit on the routes hackers will take to infiltrate a business’s systems, and companies can no longer rely on traditional insurance coverage to protect their assets.

Let’s take a look at 13 reasons why each and every one of your clients should have a cyber policy in their insurance portfolio.

  1. Because 1 in every 99 emails is a phishing attack. In a 5 day work week, this amounts to 4.8 phishing emails per employee.1
  2. Because a whopping 76% of businesses reported being a victim of a phishing attack in 2018.1
  3. Because phishing attacks increased by 65% in 2018. 1
  4. Because approximately 14.5 billion spam emails are sent every day. 2
  5. Because there were 204 million ransomware attacks alone in 2019, a 365% rise over 2018.3
  6. Because ransomware payments topped $11.5 billion in 2019. 3
  7. Because ransomware claims a new victim every 14 seconds. 3
  8. Because ransomware downtime costs an average of $8,500/hour. 3
  9. Because businesses are naturally looking to any margin-improving efficiency, and this often means solutions are heavily reliant on technology and digital integration. As a result, any loss of internet connectivity will have a significant impact on operations.
  10. Because small businesses invest less than $500 per year in cyber security products, making them an attractive target to cybercriminals.4
  11. Because data management and dependency on technology is often a secondary concern for the majority of businesses. A cyber policy can help a business respond to, and recover from, an attack or data breach.
  12. Because you get more than electronic coverage. Good cyber coverage does not stop with incidents involving online interference – it includes areas like private data and communications in all the formats you use, electronic or otherwise.
  13. Because consumer trust is paramount. Imagine an online retailer who was a victim of a hack or significant data breach. The key risk is not only the lost business and the costs incurred to remedy the breach, but the loss of customer confidence and lasting reputational harm.

Stats like the above provide easy-to-understand information to share with your clients, driving home why their businesses need Cyber Liability insurance.

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