Cyber Risk, and How to Protect Your Business
In today’s world, your company’s most critical assets are housed online. Understanding your Cyber Risk, and how to protect against a breach, is essential to operating a business or an organization of any size. Chatham Insurance Partners bring the expertise and support needed to secure your business’s information.
If your company does any business online—using mobile apps or a Point of Sale System, communicating with customers or suppliers via email, or retaining electronic records with any personal information—you are at risk for a Cyber Incident. The cost of a cyber attack or a data breach alone could financially cripple your company and your clients, not to mention jeopardize your reputation. Having the right Insurance and IT support on your side is key in protecting your company against this increasing security threat.
A Growing Risk
According to the 2018 State of Cybersecurity in Small & Medium Size Businesses (SMBs) (Ponemon Institute, November 2018):
- The occurrence of data breaches involving customer and employee information over 12 months increased from 54 percent to 58 percent of respondents.
- Cyber Attacks increased from 61 percent of respondents in 2017 to 67 percent the following year
According to Ponemon Institute’s 2018 “Cost of a Data Breach” 2018 study for IBM:
- The cost of the average data breach to a U.S. company is $7.91 million
- The average cost per lost or stolen record is $148
- The average time it takes to identify a data breach is 196 days
These findings should be a red flag to consult with a Cyber Liability Specialist and your IT Partner ASAP, even if you already have a cyber policy.
- Understanding your Policy: Cyber Liability policies, like many insurance policies, are very complex and may not cover all risks related to your operations. A specialist can tailor coverage to your business’s particular risk factors, while double-checking the fine print of the policy.
- Updating Coverage: The mechanisms cyber criminals use in a cyber-attack or data breach are becoming more complicated. A specialist keeps up with the industry and helps to broaden the fine print and coverage in your policy.
- Covering Past Incidents: As mentioned above, the average time taken to identify a breach is 196 days. Most cyber policies start on the day of purchase, but a specialist can find markets that go back to the date your company started to cover any breaches you might not know about.
- We work hand in hand with your IT Specialist to help develop the right program.
Chatham Insurance Partners unique team approach, specialized knowledge, and unsurpassed market access are the keys to our exceptional service.
We have a unique approach, and services built just for you:
- Complete Risk Assessment of your entire program and operation, so you know whether you’re covered
- Immediate Solutions and Recommendations for when you’re not covered
- Proactive & Long-Term Planning, so options are on the ready as both of our industries continue to change
- Scheduled Reviews as needed, but at least once per year—no more, “here’s your renewal”
- Vendor Relationships to reduce your overall cost and risk
We don’t believe in the “Insurance Trap”, and we want to help you avoid it.
Shopping insurance is outdated, especially when all you can see is the price. You’ll find yourself asking: What’s included in that price? What do I have? What did I give up?
- Avoid being told “Here’s your coverage”, and being left to wonder what the fine print actually entails
- “I trust my current insurance broker to make sure I’m covered.” We respect that—but our review of your program and operations can look deeply into your coverage, providing you with cyber-specific knowledge and recommendations
- “I’ve been with the same company for years and never had a problem.” Insurance companies, and the fields they protect, change every year; make sure your coverage is up-to-date with your current needs