CYBER INSURANCE
It used to be that cyber attacks and data breaches were relatively rare occurrences. That has unfortunately changed over the years, as hackers have become more sophisticated and cunning. The cost of cybercrime is predicted to hit $8 trillion in 2023 and will grow to $10.5 trillion by 2025.
Many business owners think large corporations are the primary target of these virtual assaults. After all, these firms own massive amounts of data and have the financial resources to cover the cost of Ransomware and other forms of cyber extortion. This is unfortunately not the case, as 43% of all attacks are aimed at small businesses. Hackers go after this particular niche knowing they probably have weaker security protocols in place. Here are some not-so fun facts about the impact cyber criminals have on companies:
Percentage of small businesses who are targeted by a cyber attack that go out of business within 6 months: 60% |
Percentage of study respondents who said that they have cyber liability insurance: 55% |
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Of those covered, the number that are not insured for ransomware payments: 33+% |
How many have ransomware coverage with limits greater than the $600,000 median extortion demand – 19% |
Rockwood Programs can help you protect your clients from the devastating financial consequences of a cyber attack. We can provide you with bindable quotes from multiple markets…generated from the answers to a few basic questions about the customer. These quotes are offered at no obligation to you!
There are a number of advantages to methodically offering cyber insurance to all your clients:
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1. Raise awareness about the dangers posed by a data breach/cyber attack
2. Mitigate your E&O exposure by informing customers about the availability of affordable cyber liability coverage
3. Establish a new profit center for your agency by actually placing some of these risks.
Want to learn more? Contact is toll-free at 800-499-7242 to speak with one of our knowledgeable team members about this valuable coverage. Click on the link below to make a cyber liability submission.