Many clients and businesses are reluctant to purchase Cyber-security coverage because they don’t think they truly need it. It’s true; the high profile attacks on large corporations are splashed across the headlines. But smaller and midsize businesses are just as likely to experience data breaches. And, with more limited resources, they have more difficult recovering from them.
What’s more, the majority of data breaches aren't from malicious hackers looking to profit off your information. The majority of data breaches are caused by employee negligence or malice, according to a study by Baseline Magazine.
The top three causes of employee data breaches are the losses of laptops or other mobile data-bearing devices (35%), third-party errors or mishaps (32%), and system glitches (29%). And, most businesses are unprepared- according to the same survey, 70% of respondents believe their organization’s security strategy isn't good enough to stop a targeted attack.
What’s more, many businesses aren't even aware when they have experienced a data breach. Fifty-six percent of survey respondents said that their data breach was discovered accidentally. Only 19% of companies had employees who self-reported data breaches.
Regardless of the industry, company and size, every business is exposed to a privacy or network security breach. In addition to potential third-party liability damages, your client could be at risk for direct costs from a number of sources. This is why all of your business clients should have cyber-security coverage. PLRisk Advisors’ Privacy & Network Security coverage is the solution to helping your customers manage and protect against risk. Contact us today for more information. (855) 403-5982
