Insurers Increasingly Protect U.S. Businesses and Customers From Cyberattacks and Data Breaches
More than half of
The white paper, Protecting Against #Cyberfail:
"Insurers foresee substantial growth coming from the SMB segment, as these companies become aware of the possibilities of liability, especially a breach and resulting response costs arising out of the possession of private data," said
The vast majority of cyber insurance claims involved the loss, exposure, or misuse of sensitive personal data. About half (48 percent) of the data breaches of
Typical cyber-related policies cover the costs arising from either a cyberattack or a data breach, such as responding to lawsuits, repairing damaged infrastructure, and paying the 'ransom' demanded by cyber extortionists, among other potential exposures, such as business interruption expenses.
"Creating an affordable product that SMBs will be willing to buy is a key component in the insurance offering. Since different industry sectors represent different levels of exposure, pricing will vary depending on the type of SMB," the white paper, co-authored by
The I.I.I. has a full library of educational videos on its YouTube Channel (http://www.youtube.com/user/iiivideo).
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