Survey illustrates the need for Cyber Liability insurance
A 2012 survey conducted by TrendMicro and Ponemon Institute indicates that small businesses are in serious need of Cyber Liability insurance. Stand-alone Cyber Liability policies often have minimum premiums in the $2500 range and have a host of risk management requirements to protect the confidentiality of information. More recently, however, carriers have begun to add Cyber Liability endorsements to General Liability policies with premiums starting in the $350 range and with very few risk management requirements.
Below is some interesting data about businesses to come out of the survey:
- 62% don’t routinely backup data
- 65% don’t use encryption for sensitive data
- 52% store sensitive data on laptops and/or mobile devices
- 72% leave their computers unattended
Source: Travelers Select Accounts, marketing emails, October, 2012