Did you know that businesses experienced an average loss of $4 million in 2016 for each data breach? According to IBM’s Cost of Data Breach Study, that’s the kind of money companies regularly drop to clean up after a system malfunction damages data or a clever hacker breaches security. Even more disturbing, 43 percent of phishing scams are aimed at small firms. With these statistics, you can’t afford to forgot cyber liability insurance. Trusting top agencies such as Axis Insurance is a smart move to get full-bodied indemnity coverage that shields your enterprise’s future.
What Should Cyber Liability Policies Cover?
The cost of dealing with a cybersecurity issue or data loss isn’t limited to just restoring lost information or recompensing your clients. When you’re picking a cyber liability policy from an agency such as Axis Insurance, it’s important to ensure that it includes some essential indemnity provisions to cover multiple aspects of a claim:
- Notifying affected parties
- Public relations and image repair campaigns
- Fines and legal fees
- Credit reporting costs for impacted clients
- Investigation and forensics
- Business interruption and continuance
- Equipment and systems replacement
Unique, Custom-Crafted Solutions
Small breaches can still cost you big money, with expenses running between $50,000 to $100,00 at minimum. Don’t ignore your risk until it’s too late. Including privacy and network security liability coverage in your total indemnity solutions is prudent to protect the interests of both your company and its clients.