Cyber threats may be virtual, but the costs are all too real – and rising. Few organizations would skip property or liability insurance, but many still don’t buy coverage to protect against increasingly frequent and costly cyberattacks. From accounting firms to trucking companies and non-profits, every enterprise with an internet connection needs to consider cyber insurance.

Few businesses or non-profits would skip insurance to cover property damage for fire and other well-known perils or not buy liability coverage to protect themselves financially. Yet, while cyberattacks become more frequent and expensive every year, many organizations choose to ignore the digital dangers and do without affordable and readily available cyber coverage. But any enterprise big enough to have employees may present a tempting target for cyber criminals. Whether payroll is managed internally or it’s outsourced to a vendor, companies are still responsible for safeguarding employees’ personal information such as Social Security numbers. Cyberattacks can disrupt a business or non-profit for days or weeks and cause long-lasting damage to its reputation.

Cyber criminals target organizations of all sizes. Close to two-thirds of small and medium enterprises in a recent survey had been victims of a cyberattack in the preceding year, but nearly six-in-ten did not have cyber insurance to defray the costs associated with a data breach.[1] The worldwide average cost of a data breach is estimated at $148 per lost or stolen record across industries, and the average U.S. data breach cost $7.91 million, another study shows.[2]

From accounting to transportation and even non-profits, here are 10 reasons your organization should consider cyber coverage.

BOTTOM LINE

Cyberattacks are a real threat and have proven costly to business and non-profits of all sizes. Different industries often face different risks, get the details on the top 10 exposures to ensure your client has the cyber coverage they need.