Target. Home Depot. Jimmy John’s. Lately it seems as though we are hearing about a new data breach practically every week.
Well, it turns out there is a reason for this deluge of data breach-related news. According to a new report from the Ponemon Institute, 43 percent of companies have experienced a data breach in the past year. That is a 10 percent jump from the year before.
A data breach can result in devastating financial and reputational consequences. As a result, more and more businesses are looking for protection in the form of cyber liability insurance.
The exposures that cyber liability insurance can protect you from differ from business to business, and every policy is tailor-made for each business, but typical data breach exposures covered by a cyber liability policy include:
- Notification of affected customers
- Crisis management
- Fixing your IT security
- Identity theft protection for affected customers
- Protection from potential legal action
The effects of a data breach can be far-reaching and last longer than expected. Be sure your business is protected by contacting Warren G. Bender Co. today.