Select Insurance: Cyber Risk Coverage


January 3, 2020

SelectInsurance_AgencyLogo300As reported by Travelers insurance Company (one of the companies Select Insurance Agency represents), data breaches and cyberattacks are becoming commonplace; they increased 23 percent in 2015 alone. Thirty-four percent of all breaches have occurred in organizations of fewer than 250 employees. When your business experiences a data breach, the associated costs average $217 per compromised record. Multiply that figure by your current customer count, and that can be the responsibility of your organization to provide notification and credit monitoring for each affected party. In addition, the attack may render systems inoperable causing business interruption, revenue loss, equipment damage and public relations expenses. Unless you secure a strong, stand-alone, cyber liability policy with appropriate limits your business is will not have adequate insurance coverage. Standard general liability and commercial property policies will not be enough to cover the losses incurred, if they are covered at all. To that end, Select Insurance Agency offers a wide variety of Cyber Liability policies with multiple coverage parts.

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