Cyber Liability Insurance
Hoping a cyber breach won’t happen isn’t good policy. Insuring against out of pocket costs is.
Think Cybercrime Only Strikes Big Companies? Think Again.
Seemingly every day some large national company has its sensitive information hacked. Of course, those are just the ones that make headlines. Nearly two-thirds of cyber breach victims are small to mid-size businesses.1 What’s more, 55% of smaller businesses reported at least one data breach in the previous year.2
Small Business. Big Impact.
While big companies are typically equipped to handle a cybercrime event, small and medium-sized companies usually are not, making them an even more desirable target.
Plus, consider this: for smaller businesses, the worst cyber breaches cost between $84,000–$148,000.3 Plus, just the cost of notifying customers of a breach can cause a company irreparable harm. In fact, 60% of smaller businesses are out of business within six months of suffering a cyberattack.2
Hoping it Won't Happen Isn't the Best Risk-Mitigation Strategy.
But here’s the most surprising stat: nearly 90% of small and medium-sized businesses in the U.S. don’t use data protection for company and customer information, and less than half have secure company email processes to prevent phishing scams.3 What’s more, many businesses simply assume their business owner’s policy (BOP) covers them.
As companies adopt more digital technologies, cybercrime will become even more pervasive. But a cyber liability insurance policy from UPS Capital Insurance Agency, Inc. can help you mitigate your risk, giving you one less thing to worry about.
UPS Capital cyber liability insurance policies provide broad coverage and include full policy limits for both first- and third-party cyber liability coverage, a big advantage over a business owner’s policy.*
First party coverage:
- Public relations
- Forensics investigation
- Business interruption protection
- Paying cyber extortionist
- Breach notification meetings
- Call center support
- Credit monitoring
- Regulatory defense
Third party coverage:
- Lawsuits from affected individuals or others
- 24-hour data breach hotline.
- Voluntary notification to customers, even if not required by law.
- Coverage for insured’s websites, social media, and other digital mediums.
- Vetted vendors who can manage the complexities of a breach.