Cyber Crime: A Real, Present and Growing Threat
Here are some sobering statistics about the increasing problem of cyber crime:
- 47% of business affected by cyber crimes are small to medium businesses
- 90% of all cyber breaches are a result of human error
- 64% of small businesses don’t have any security measures to manage the use of personal devices
- In Canada, cyber crimes cost $3.12 billion a year
The average cost to an organization that is attacked is $3 million. Most businesses that have cyber insurance aren’t covered for that much, and less than 10% actually have any cyber liability insurance.
Being a victim of a cyber attack may actually put the organization out of business. The challenge is to figure out what insurance is necessary for an organization to cover their liability around data security. Contact your broker to discuss the specifics of your situation, and arrange protection for your businesses in this ever evolving economic threat.