Businesses that Purchase Cyber Liability

Is yours one?

Do you purchase stand-alone Cyber Risk insurance?

25%   Yes
71%    No
4%     Not Sure

The results of this survey are probably skewed due to the number of larger businesses in the survey.  Based on my experience, a much larger percentage of smaller businesses don’t purchase cyber risk insurance.  On a positive note, many General Liability and Business Owner Policies are now offering data breach coverage by endorsement.  This is an inexpensive way to purchase this coverage.  On the other hand, stand-alone Cyber Risk policies, which offer much broader coverages than just data breach, typically have minimum premiums that start out in the $2,500 range.

Source:  Business Insurance Survey, Business Insurance, March 19, 2012

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3.50 avg. rating (71% score) - 2 votes
Categories: Breach Of Security, Cyber Liability, Risk Management

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