The Value of Cyber Insurance

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.