TUESDAY, AUGUST 11, 2015
Cyber Liability is fast becoming the "mega-legal-construct" which all industries must heed its warnings. As financial markets continue to be volatile all over the world the presence of nefarious data hacking endeavors will continue to rise. Cybercrime costs the global economy nearly $575 billion dollars annually, of which the United States alone is subject to over $100 billion annually making them the hardest hit of any country, according to a report from Intel Security and the Center for Strategic and International Studies. Nearly 50% of all companies experienced a data breach at some point last year, and over 25% of those companies had no protection against it whatsoever, according to the USA Today. To help you better understand what level of risk your business faces with cyber liability, data-breach calculators have been developed to help you ascertain your company's likelihood of an attack happening and costs associated (https://databreachcalculator.com/ & http://www.privacyrisksadvisors.com/data-breach-toolkit/data-breach-calculators/). You can also go to https://www.privacyrights.org/data-breach/new to research industry horror stories to see if your company's safeguards are in better shape than your colleagues. Even if you feel your company is protected well enough, the companies you contract to help you provide your customers the service they've become so satisfied with may not be, which directly or indirectly may affect your business.
There are solutions to protect against these attacks, and Cyber Liability Insurance maybe all that stands between your company's ability to recover or its demise when and if an attack occurs. Don't mistake this threat as trivial as a "slip-n-fall" liability claim, the odds are much more likely you will face a cyber liability claim, and the costs are likely to be even greater! Contact Outcalt Kerns Insurance for more information and help in understanding your company's level of risk.
Posted 2:14 PM Tags: cyber liability, directors and officers liability, dando, westerville, sunbury, gahanna, worthington, new albany, columbus, professional liability policy, commercial insurance
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