Cyber Liability Exposure

Earlier this year, a critical cyber attack happened in the City of Atlanta, which demanded $51,000, disrupted thousands of workers, and caused weeks’ worth of business interruption. Estimates are that the hack caused millions in damages. This is one of many stories that has opened the eyes of businesses. Now, local businesses are paying more attention to cyber attacks and the possible ramifications and damage to their businesses. Cyber liability has become crucial in protecting your business.

The risks and damages associated with today’s cybercrime

The amount of malware being launched on a daily basis is devastating. Quoting from the most recent reports on cyber attacks, “There is a new version of malware released every 4.2 seconds. That’s equivalent to over 350 million every year.”

The damages from cybercrime can pile up quickly:

• Ransomware demands
• Data Breach and or Data Destruction
• Corporate espionage
• The cost or burden of downtime due to a lengthy business interruption
• Negative press

Almost every business deals with exposure. If you store or collect personal information or interact with the internet, you are exposed and have some risk.

The right amount of cyber liability coverage for your business

There is no off-the-shelf solution to cyber liability – every company must carefully assess their cyber-risk potential. The most important tasks at hand after a cyber-attack is discovered are containment, eradication, and recovery.

It is important to stress test your insurance. Much of the public is aware of the attacks against the IT community, but little light is shown on the OT, or operational technology sector. We highly recommend frequent security assessments. We also provide an in-depth benchmarking tool for clients. If you’d like more information, reach out to us here.