Cyber Liability Continues To Be An Emerging Risk
Cyber Liability continues to be a major issue for businesses in 2018. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show 39% of all cyber incidents
affect businesses with fewer than 100 employees. With the recent breaches in the financial and hospital industries, many businesses are considering cyber insurance.
Emerging Cyber Trends
• With more companies beginning to store information on the “cloud” there will be more universal breaches causing greater losses.
• Cyber Liability insurance is a real option providing value added coverage and services.
• Industries most exposed are; healthcare, medical, retail, financial institutions, technology and hospitality,
• Cyber recovery costs are rising, even with new technology.
• Individual states will be beefing up mandatory reporting laws and imposing fines for lack of reporting.
• New technologies will allow cyber-attacks to come through smart phones and tablets.
• Small businesses may be the most prone, as they have the least protection.
Cyber liability coverage (for data breaches) has evolved from just insurance for information technology companies to coverage that nearly every kind of business should have - if they don't already. From retailers, banks, contractors, distributors, restaurants and medical offices, many businesses are unaware of the severe data breach exposure they face.
The Berry Curtis Insurance Agency opened in 1986 and has been family owned and operated ever since. We’ve become a staple in the community, holding membership in the Corning Chamber of Commerce and other organizations. Our owner, Berry, is a member of the Patriot Guard, a motorcycle brigade for military funerals. His dedication to protection is apparent in many aspects of his life.