75% of data breach occurrences happen due to human error. Data breach insurance has become a modern-day protection. The importance of having this as a staple of all insurance plans has exponentially grown since the outbreak of COVID-19.
The first 12 days of April saw the creation of 1,000,000 new lines of malware had been created. As a business grows over the years the number of records that are held within the databases grows as well. From employee records to Intellectual property everything is accessible if someone is able to find a way to infiltrate the network.
What is Data Breach Insurance
Data breach insurance is the coverage needed in the case that an individual with ill-intentions is able to find ways into a company’s network and begin to steal information. Once a business network has been penetrated this coverage begins to help with everything that you will need to respond in the events of the data breach.
What Does Data Breach Insurance Cover?
This coverage will begin in response to a breach where Personal Identifiable Information (PII) or Personal Health Information (PHI) becomes compromised or stolen.
While most of us assume that data breaches and cyber crimes all happen from hackers. In the event that an employee of the company is the reason for the breach this coverage will help mitigate the costs associated with:
Notifying effected parties
Hiring a PR representative
Credit monitoring services for effected parties
Who Is A Target?
Any business that transacts payment or communicates across the internet is at risk of a cyber attack. While we are familiar with the cyber attacks that have happened to large companies such as Target, T-Mobile, and Yahoo. In most cases, these companies are not specifically targeted. Another important distinction to make is that all of these companies are in various industries. Any company is susceptible to a cyber attack of any kind. Read our other blog posts about how cities and entire industries are being affected by Data breaches and cyber attacks.
Ready To Take Control?
If you are ready to take control of how you respond in the face of this type of attack. Cumbre Insurance is the trusted company to provide hundreds of companies with comprehensive solutions created specifically for each company individually. There is no reason for any company to not have a Cyber Response Plan ready and in place for when disaster does strike. Contact us now for a quote today!