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Cost of Data Breach Rises in 2014!

Cost Per Record From A Data Breach Rises In 2014!

 
There are two kinds of businesses – those who are aware they have had a breach, and those who have not yet discovered they have one. No business is immune, and the costs of such an event can be staggering. For many years the Ponemon Institute has done a cost analysis to determine the average cost of a breach per record.

The 2014 study released earlier this year indicates that the cost to respond to a breach has risen to $201 per record. This reverses a trend of declining costs the last couple of years. In short, it is costing a lot more to respond to a beach.

I recently heard that as much as 90% of small businesses do not currently carry any Cyber Liability Insurance but also do not know such a product is available. Beware however, as the Cyber Insurance marketplace is cluttered with all kinds of policy forms, no two of them the same. Understanding the importance of all of the coverage parts and how they interact is the key.

Too many times a business who is insured can be uninsured or underinsured at the same time. Differing coverage components, varying sublimits, and policy language all can serve to restrict or remove coverage for some exposures. Consider all coverage parts and the importance of each to the Insured. With response costs rising, and threats continuing to increase, the wrong policy can be a costly mistake.

Finally, Cyber is a relatively inexpensive product line that is affordable to and necessary for every business. No business should operate without it, and all businesses need it. Contact us today for an application, or send us your submission today for quotes from America’s best programs at ksneed@usproins.com.

Businesses. Banks. Governmental Entities. Nonprofits. We are America’s Cyber Insurance Experts!