Is Cyber Security a threat to your business?
An article written by Andrea Wells and published by Insurance Journal, states that many large businesses believe that cyber vulnerabilities pose a greater risk than fire, and natural disasters. Many more believe that cyber risks are on par with the more traditional risks.
In addition, another article also published by Insurance Journal states that the average corporate data breach now costs $3.5 million. The article also prices the average cost for each stolen record at $145 but could range up to $246 per record.
Now cyber attacks don’t only affect big business, in an article published in December of 2013 by Inc. Magazine and written by John Brandon. Small business is increasingly becoming the target of cyber attacks. The article claims that such attacks on small businesses increased by as much as three hundred percent in recent years, according to the maker of Norton Antivirus, Symantec.
The article implicates the use of weaker security systems and use of cloud based systems with weak security as reasons for the increased attacks.
The Inc. Magazine article also warns small businesses that there are fewer protections for commercial bank accounts as opposed to personal bank accounts.
Call us today at 877-506-5061 for a free consulation about how Cyber Liability Insurance can protect your business.