According to the South Carolina Department of Consumer Affairs (SCDCA), the number of people impacted by security breaches more than tripled last year, affecting over three million consumers in our state alone.
Most of these breaches happened in financial and health related businesses. While the hospitality industry had less breaches, attacks to this industry affected almost 780,000 South Carolina consumers.
IBM reported that the average cost of a data breach in 2023 was $4.45 million dollars. With numbers this high, it doesn’t take long to realize the importance having cyber insurance to protect your business.
If you suffer a security breach, you will have multiple costs, including legal counsel, fines and penalties, lost business, and equipment replacement. And the repair to your reputation can take years.
What makes cyber coverage different?
Cyber insurance is different due to the number of risk exposures that can lead to a loss, along with the difficulty of placing an exact dollar amount on lost assets. Just think about the vast amount of personal and proprietary information stored on your computer servers and databases, and what you would do if this information was stolen or seized by a cyberthief.
Why companies need cyber coverage
Human error ranks above ransomware and phishing attacks as the biggest threat to an organization. And unfortunately, your business is as vulnerable as your weakest link.
Hackers use a variety of ways access your data, such as viruses, worms, spyware, and trojan horses. Over the last few years we have seen several clients become victims of cybercrimes.
We can help
Cyber coverage solutions are based on the size of your business, your industry, and your use of technology. The cost will vary, depending on your business exposures and policy limits.
We can help with coverage options and offer valuable resources you can use to educate your team and help prevent a cyber attack. Contact us today for more.
On a final note, remember that if you suffer a security breach, you are required to inform the SCDCA. Click here for more details.
Cyber Exposures: Are You at Risk?
Check our Cyber Risk exposure scorecard, which is designed to help identify your digital vulnerabilities and potential cyber threat exposures. Click here.
