Protect Your Business in a Cyber World

Cyber incidents are on the rise and are increasing in severity resulting in costly data beaches for business owners..

Real World Loss Example

Just as the holiday shopping season was about to begin, the Rokenbok toy company was in the middle of a business nightmare.

Online criminals from outside the country had encrypted the company’s files, demanding a hefty ransom to unlock the data. The company was losing thousands in missed orders by the day.

Worse yet, this cyber attack wasn’t Rokenbok’s first: earlier that year the company had been hit with a denial of service attack, shutting down their website.

“I sweated that one,” said CEO, Paul Eichen, in an interview with the New York Times. “Customers’ first impressions are critical.”

It took four days to reconstruct the data and the hackers were never caught.

Here are three top reasons why you should invest in Cyber Insurance:

1. Data breaches are costly. The average cost of a cyber attack has exploded from $34,000 to just under $200,000 per single incident, according to Hiscox’s 2019 Cyber Readiness Report. This is a setback that many small businesses can’t recover from.
   
2. Cyber incidents are on the rise and are increasing in severity. Colorado ranked 9 in the Top 10 States in 2018 with 9,328 Cybercrime Victims. (1)
   ^{(1) Based on the total number of complaints submitted to the Internet Crime Complaint Center via its website from each state and the District of Columbia where the complainant provided state information.  Source: Internet Crime Complaint Center.}
   
3. Don’t believe that Cyber Security is the same as Cyber Insurance. All the technology solutions you can implement and awareness training you can provide your employees will not completely eliminate your risk from cyber threats.  In the past year alone, 47 percent of small businesses experienced a cyber attack—and out of those, 44 percent experienced more than one. 

What does Cyber Liability cover?

With a comprehensive cyber liability policy, you can feel confident you’re covered in case of data breaches and related issues, including:

• Data compromise protection to cover employee and customer information if your data should ever be hacked, stolen (physical and electronic), corrupted, or subject to procedural errors or internal fraud
• Legal cost protection incurred by legal reviews
• Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
• Personal services for any persons affected, which may include help line services, credit monitoring and case managers for identifying theft victims.
• Public relations costs paid for firms to review and respond to the potential impact of the data compromise
• Costs of legal defense in an event that the company is sued due to the breach
  Identity recovery protection to identity fraud victims and restore their credit history and records. This includes owners, employees and family members.

We can help protect your business against damage to electronic data, virus or malware attack, liability to third parties, and also help recover the cost of:

• Restoring and recreating data to your system
• Restoring systems to pre-attack levels
• Lost business and unforeseen expenses
• Public relations services, to communicate with outside parties concerning a computer attack and your public response