Computers and the Internet have made it much easier and smoother for businesses to do business! However, it also opens the door to cyber breaches that can cause huge problems. Investing in the right cyber-liability insurance policy is the best way to ensure that you are protected from any unfortunate situation.
If your business experiences a data breach, it cannot only cause financial distress, but it can also ruin your reputation, which will cause even more problems in the future. There are many reasons which you should invest in a cyber-liability insurance policy, including:
- Cyber-attacks and data breaches are now more common than ever. In the past year, they have increased by 42 percent!
- 40 percent of all breaches happen in businesses that have 1,000 or fewer employees, while 31 percent of all data breaches happen in those that have less than 100 employees.
- Data breaches can happen to a business in any industry, including manufacturing, professional services, and retail sectors.
- The average cost of a data breach is $5.4 million. This price includes any costs related to revenue loss, business disruption, legal fees, equipment damage, forensic analysis, public relation expenses, and notification costs.
- The average cost associated with a data breach is $188 for each compromised record! No other business insurance policy will provide the right amount of coverage to cover this cost, which can ruin your business.
For all of your business insurance needs and to ensure that you are protected in any situation, contact Access West Inc. in Murrieta, California. As an independent insurance company, we will work with you to make sure that you have the right amount of coverage, all at the right price.