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THE VALUE OF CYBER INSURANCE

 

            Today’s business owners know that the biggest threats of theft that they face do not come from behind the point of a gun, but from a keyboard. New threats to company computer systems and important data now seem to pose an ever-present danger with the potential to undermine security and poach sensitive information. Just how costly these data breaches can be is reflected in a recent study that examined data breaches at 350 companies in 11 countries. Analysis of these breaches revealed that the average incident now costs a company nearly $3.8 million. That average-cost figure represents an 8% increase over the previous year and a 23% jump over 2013 figures. At these costs, cyber insurance is an excellent value.  

 

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