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preven ve measures and implemen ng a comprehensive Cyber Liability insurance policy.
The term “Cyber Liability” insurance is somewhat of a misnomer because people tend to equate the word “cyber” with a technological hacking event. However, a more appropriate name for the policy would be “privacy liability,” because the scope of coverage includes the loss of private informa on through almost any process of the , not just virtual.
While the widely known tac cs of hacking, skimming, and phishing were
the leading causes of data breaches in 2015, nearly 50%
of total data breaches last year were the result of employee error, improper disposal of documents, lost equipment, and other non-technological failures.
The costs of not securing
adequate protec on could
be devasta ng to a business. In fact, the Ponemon Ins tute’s 2015 Cost of Data Breach Study (download HERE) concluded that data breaches on average leave companies on the hook for $3.79 million in damages per incident; but depending on the cause of the data breach, this number can be even higher.
C
ontrary to what most might believe, data breaches can, and likely will happen in the life of a business. Hackers are relentless,