Cyber Liability Coverage
Is your business safe from hackers?
The quick answer is no, your business won’t ever be completely safe from hackers. But you can and should take steps to reduce your risk, and you can transfer your liability to a third-party underwriter. Insurance is your last line of defense.
Six things you need to know:
- Existing insurance policies do not account for web-based and other technology-related liabilities.
- Small organizations are hackers’ favorite target: 85% of data breaches occur at small businesses. (Source: VISA)
- About 60% of small businesses victimized by cyber crime shut down within six months. (Source: study cited by U.S. House Small Business Subcommittee on Health and Technology)
- The average cost of a data breach to a small business can range from $120,000 to $1.24 million, and the costs continue to increase each year. (Source: 2018 data breach research study done by Kaspersky Lab)
- Risks may include things like data theft, intellectual property liability claims, employee misconduct, and many other things. You need a data security policy, data encryption and employee training – but you also need an insurance policy crafted to cover your specific cyber liabilities.
- Policy premiums through Unland are as low as $500.
Learn more about your level of risk.
The only secure computer out there is one that is completely encapsulated in concrete and is at the bottom of the ocean.
– Cody Kretsinger, CIAN