Technology is an invaluable asset to every organization, no matter how big or small, and the speed in which technology continues to advance is both amazing and alarming. While technology provides countless benefits to business of all shapes and sizes, it also brings along it’s fair share of problems. The truth of the matter is, that if your company has devices that are connected to the internet, it is only a matter of time before a cyber security incident occurs; regardless of risk controls your organization may have in place.
As of 2018, more than 7 out of 10 of all U.S. based organizations were affected by a data breach in some way or the other. 46% of U.S. based organizations experienced a breach incident in the past year. According to Symantec, the average cost of a cyberattack, for a small to medium sized business, is $188,242. To make matters worse, 60% of all small to midsized businesses that are compromised go out of business six months after. While these numbers are staggering, what is more staggering is that 62% of organizations surveyed by the National Center for the Middle Market and Cisco confirmed that they do not have an up-to-date or active cybersecurity strategy – if they have one at all.
The unfortunate truth is that, no matter how diligent you or your employees are, it is only a matter of time before your organization will experience a breach. Here at Sovereign Risk Solutions we work with insurance companies who are not only experts in the Cyber Insurance industry, but are forerunners within it. Our agents will assist you with designing the perfect Cyber coverage for your organization, and are ready and willing to help you with every step of the insurance process. Give us a call today to set up a Cyber Insurance consultation!