PROTECT YOUR BUSINESS FURTHER WITH CYBER INSURANCE
Having a cyber insurance can help minimise business disruption during a cyber incident and its aftermath, as well as potentially covering some of the financial cost dealing with the attack and recovering from it.
From a cyber perspective, only TWO types of companies exist: those that have been hacked and those that will be hacked.
The best solution for any cyber incident is preparation, both from an technology and risk transfer perspective.
Cyber Insurance – A Hard Reset by HOWDEN
The Cost of Cyber Attack
Research has shown that data breach costs tend to be linear; the more records comprised the greater the costs.
Advisen Special Report Sponsored by AIG, “An Anatomy of a Data Breach: Disaster - Avoiding a Cyber Catastrophe.” 2011
Expenses associated with a cyber attack include:
Detection, escalation, notification and response - A sophisticated attack by a hacker may take months to uncover, after which the full extent of the damage may not be known for several additional months.
Lost business - Business can be lost both as a result of customer attrition as well as difficulty in attracting new customers.
Fines and penalties
Damages - Individuals and businesses that claim to have been damaged as a result of a data breach often seek compensation.
Lost productivity - While difficult to quantify, lost productivity can be a very real cost of a data breach.
Additional audit and security requirements - Companies experiencing a data breach may deem it necessary to implement enhanced monitoring and auditing protocols.
Miscellaneous additional costs - Additional costs arising from a data breach can include legal fees, consultant fees and various settlement costs.