Cybersecurity Awareness: Protecting Your Business from Cyber Threats & Large Claims

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Welcome to Cyber Monday with Jeremy from Ochsner Insurance, where we’re dedicated to providing valuable insights for business owners like you. Today, let’s delve into some eye-opening statistics about cybersecurity and the importance of having comprehensive cyber insurance coverage.

Email Exchange and Fraud Statistics

  • Did you know that approximately 300 billion emails are exchanged every day? That’s a staggering amount of digital communication flowing through organizations worldwide.
  • Between 2016 and 2020, the FBI estimates that email fraud led to losses totaling around $28 billion. These figures underscore the prevalence and financial impact of cyber threats, particularly through email-based scams.

Average Cost of Cyber Claims

  • The average cost per cyber claim is a whopping $400,000. This significant financial burden can severely impact businesses of all sizes, especially small businesses, which make up 62% of cyber-attack targets.
  • While high-profile attacks on large corporations often make headlines, the reality is that most cyber incidents involve small-scale theft of data, with two-thirds of incidents affecting fewer than 100 records.

Forensics Cleanup Costs

  • Following a cyber-attack, the cost of forensic investigation and cleanup can be staggering. On average, businesses can expect to spend approximately $314,885 per incident on forensic analysis alone.
  • Forensic investigations are crucial for understanding the extent of the breach, identifying vulnerabilities, and determining if the attacker still has access to the network.

Importance of Broad Form Cyber Insurance

  • Many businesses mistakenly believe that add-ons to existing insurance policies, such as business owner’s policies or general liability coverage, are sufficient to protect against cyber risks.
  • However, these add-ons often come with low coverage limits, typically ranging from $25,000 to $100,000, which may not be adequate to cover the costs associated with a cyber incident.
  • The limits are narrow in scope covering only basic cyber events, such as data breach and limiting only to 1st Party coverage.
  • Standalone cyber insurance policies offer comprehensive coverage tailored to address a wide range of cyber risks, including ransomware, malware, social engineering, and invoice manipulation.

Take Action: Cyber Threat Assessment

  • Considering these statistics, it’s essential for businesses to assess their cybersecurity posture and ensure they have adequate protection in place.
  • Consider taking advantage of a no-obligation cyber threat assessment to evaluate your organization’s vulnerabilities and identify areas for improvement. CLICK HERE.
  • With cyber threats on the rise and the potential financial ramifications of an attack looming large, investing in robust cybersecurity measures and comprehensive cyber insurance coverage is more critical than ever. Get the details with the full Cyber Webinar by clicking here.

Remember, Cyber Monday is not about discounts and deals – it’s an opportunity to prioritize cybersecurity, learn about cyber security and cyber insurance and safeguard your business against evolving threats. Here’s to your success and cyber resilience. Have a great day!

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Are you ready to save time, aggravation, and money? The team at Ochsner Insurance is here and ready to make the process as painless as possible. We look forward to meeting you!