By 1. Data breaches and cyber attacks are becoming more common and have increased 42 percent in the last year alone.2. 40 percent of all breaches have occurred in organizations of 1000 or fewer employees and 31 percent in organizations of fewer than 100 employees.3. All industries are vulnerable to a data breach or cyber attack, including education, financial services, nonprofits, professional services, manufacturing, hospitality and retail sectors4. The average cost of a data breach has risen to $5.4 million3 and includes costs related to business disruption, revenue loss, equipment damages, legal fees, public relations expenses and forensic analysis, as well as notification costs that are legally mandated in 46 states5. When your business experiences a data breach, the costs associated with that breach average $188 per compromised record.3 Unless you secure a dedicated cyber policy, your business is not likely to have adequate insurance coverage.
| Why you Need Protection Whether an organization's data is compromised by a hacker, virus, cyber thief, or simply because of lost or stolen computers, laptops, flash drives and smart phones, data breaches can have serious ramifications. There are substantial financial costs involved in finding and remedying a breach, including the cost of notifying customers – now legally mandated by 46 states – possible fines and legal expenses. The organization can also suffer immense damage to its reputation and from the interruption to business |
IT ONLY TAKES ONE CYBER ATTACK OR DATA SECURITY BREACH: It’s not all about cover. Do you have the help you need if or when a cyber breach or data security breach occurs? Do you know how to prevent it? In addition, our cyber policy when the insured purchases coverage from Travelers the insured has access to Travelers eRisk Hub® powered by NetDiligence®, a risk management web portal to help their organization successfully prevent and respond to cyber events. This is provided as a benefit to the insured at no additional cost. Below are just some of the services they provide. Prevention benefits:
- News center with the latest cyber-related headlines
- Tools to build privacy controls as well as information and IT security programs
- Learning center featuring white papers, articles and upcoming webinars on a variety of topics including business interruption, forensics, compliance and security awareness
- Calculators to estimate potential costs of an event
- Resources for statutory, regulatory and case law updates regarding privacy liability and notification obligations
- Access to experts who can help your organization build or improve its cyber programs
Post-event response benefits:
- Breach Coach® service — a 30-minute consultation with an attorney to receive immediate triage assistance
- Sample incident roadmap for dealing with a privacy breach
- Easy access to Travelers claim reporting website Travelers eRisk Hub is available at no additional cost to insured’s of CyberRisk and CyberFirst® for technology companies and public entities.