​October is Cyber Security Awareness Month — a timely reminder that no business is too small to be targeted by cybercriminals. In fact, small businesses are increasingly vulnerable to data breaches, ransomware attacks, and phishing scams that can lead to devastating financial losses, legal liabilities, and reputational damage.
 
Did you know?

• 60% of small businesses close within six months of a cyberattack.
• The average cost of a data breach for a small business can exceed $200,000.

 
Cyber Liability Insurance helps protect your business by covering:

• Legal fees and regulatory fines
• Data recovery and system restoration
• Customer notification and credit monitoring
• Business interruption losses

 
Don’t wait until it’s too late. Let’s talk about how Cyber Liability Insurance can safeguard your business and give you peace of mind.
 
Contact us today to learn more or request a quote.

By prioritizing cybersecurity, organizations can mitigate the risk of data breaches, financial losses and reputational damage. Whether you're an individual or an organization, understanding the importance of cybersecurity is fundamental to navigating the threat landscape safely and securely.

The increased connectivity of the digital world means greater security vulnerabilities and cyber risk. Remote and hybrid work arrangements, increasingly sophisticated attackers, creative social engineering, and a rise in the number of passwords people use have all contributed to more cyber attacks. The results can be costly. Organizations that are ill-prepared or lacking in security and risk protocols will find themselves paying a hefty price both in reputation and financial loss.
 
While it’s nearly impossible to prevent all cyber attacks, your organization can reduce cyber risk by ensuring it’s prepared for the most common types of attacks. 

The most common types of risk are:

1. Compromised passwords / credentials
2. Social engineering and phishing 
3. Internet-facing services 
4. Supply chain attacks 
5. Man-in-the-middle attacks 
6. Structured Query Language injection attacks 
7. Distributed-denial-of-service (DDoS)
8. Malware
9. Ransomware

Am I covered my system is hacked? We recommend a cyber liability insurance policy to protect against financial losses resulting from a breach. Cyber insurance covers your cost to notify affected parties, diagnose & repair your system, regulatory fines, & lawsuits from the exposure of protected data. Contact us for more information on cyber insurance today!

To learn more about each risk; please check out Dataminr's Don’t Forget About These 9 Common Cyber Risks.

For more information on cyber security, click to read the Cybersecurity & Infrastructure Security Agency's Cyber Security information page. 

Information (c) Cybersecurity & Infrastructure Security Agency and Dataminr.

​The cyber liability market has changed drastically over the last decade and so has our dependence on technology. As the world progresses to be even more digital, protecting the privacy of individuals and corporations alike, will likely be a continuously daunting task. Although the average premium for a small business cyber policy is $2,000/year, the average cost of a cyber claim could be 20 times that cost. This discrepancy is causing carriers to recoil or exit the market entirely. So where does that leave insureds who are required to carry the coverage, sometimes in towers of $5m or more? Check out this great article from Big I that delves into some of the most recent attacks and their impact on the market as a whole, as well as how unpredictable these claims may be in the future.
 
https://www.iamagazine.com/markets/will-cyber-liability-be-an-insurable-risk-in-10-years