Like some other types of insurance, employees are the biggest risk to a business as the source of a cyber event. Unintentional employee negligence comes in many forms, and its impact to the Cyber Insurance industry as a whole is enormous. Consider some of these statistics that help define the impact of any one employee’s single mistake:
- Average Cyber claim is more than $200K
- Employee negligence causes more than 80% of all claims
- Over 40% of all privacy breaches are caused by mobile devices lost by or stolen from employees.
- Employees are number one target of phishing attacks
- Employees are most likely cause of virus and malicious code downloads to a network.
Given the statistics above, more likely than not your customer’s own employees will unintentionally expose their business to a significant dollar loss. Without Cyber Insurance in place, they can then be exposed to being one of the 70% of businesses who go out of business following a privacy breach.
Simply put, a single Cyber claim event can close your customer’s doors for good. They simply can no longer afford to go without it.