Can your company afford to lose $4 million? According to Ponemon Institute’s 2016 Cost of a Data Breach Study, that’s the consolidated cost of the average data breach. Even the smallest companies have to pay up after a cyberattack, and every compromised record containing sensitive or personal information costs a company about $158. That adds up quickly, and unfortunately for many businesses, it’s a financial hit they are unable to survive.
Cyberattacks are a part of doing business in a digital world, and as many security experts warn, it isn’t a matter of “if” a company will be attacked, but a matter of “when.” And the smaller you are, the harder you’ll fall. According to Small Business Trends, 43 percent of all cyberattacks are targeted at small businesses, and 60 percent of those businesses can’t recover. While defending the network and data from threats by using multiple layers of security tools is absolutely necessary, many companies are now turning to cyber insurance as a way to limit post-incident damage.
Not surprisingly, the cyber insurance industry is growing and is predicted to reach $14 billion by 2022. That growth will be driven by three things:
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Source: DRJ New feed
