October is National Cybersecurity Awareness Month (NCSAM), a collaborative effort between government and industry to raise awareness about the importance of cybersecurity. Join us in sharing this year’s message to Own IT. Secure IT. Protect IT. If you have any questions about our cybersecurity insurance program or want to learn more about what we offer, let’s connect.
Security breaches create significant business disruption, negatively impact stock performance, and are frequently resulting in termination of company officers. At EPIC, we’ve identified cyber risk exposure through emerging technologies to be the TOP risk facing the business and industry.
We can’t just ignore it
The numbers are alarming
- The average cost of a data breach in 2018 was $3.86 million
- The average cost for legal defense alone is $698,797
- The average cost for legal settlement is $558,520
- The average cyber claim payout is $733,109
- The average claim payout for a large company is $2.9 million
- It takes a company an average of 191 days to detect an intrusion
- 69% of companies learn from a 3rd party that they have even been breached
- 1 in 10 URLs are malicious
- Web attacks are up 56% in 2019
These aren’t numbers to scare you, these are numbers to prepare you. If you don’t already have a plan in place, let’s talk through a strategy sooner than later.
It’s time to take action
Given today’s high volume of cyber threats, you need an experienced Cyber and Technology Risk Placement Team that can provide:
- Risk Identification/ERM Capabilities
- Access to Best in Claim Pre-Breach Resources and Post-Breach Vendors and Consultants
- Experienced Cyber Claims and Legal Support
In addition to state of the art insurance protection, in the event of a data breach, our team works closely with EPIC clients to help manage the costs associated with investigation, response, regulatory inquiries, lawsuits and reputational fallout that are all a part of the cyber breach response process.
You can’t afford to be intimidated by cybersecurity
When the Council of Insurance Agents & Brokers released its Cyber Insurance Market Watch Survey results in 2019, it announced that cyber insurance take-up rates remained relatively low at around 33 percent, despite widely publicized and international events. Don’t sit idly on an issue that’s so widespread. We all know better, and we can take important measures to protect our businesses.
Don’t wait until it’s too late. EPIC’s team can deliver comprehensive recommendations on mitigating technology risks. This includes changes in legal or contractual terms, specific insurance coverage adjustments aligned with unique technology risks, and guidance on solutions to protect your specific environment.
You can’t afford to assume it won’t happen to you
Small to mid-sized organizations often think attackers only go after the big companies. In fact, 75% of small and midsized companies have NO cyber coverage. It’s important to remember, attackers don’t discriminate. 50% of cyber-attacks occur at businesses with less than 1,000 people.
Own IT. Secure IT. Protect IT.