A harsh but true reality: any business connected to the internet is at risk of a data breach. So that means virtually every business needs data breach insurance, commonly known as cyber liability insurance. At BearStar Insurance Services, we’re here to help you learn more about cybersecurity and how to best protect your business against a data breach.
After a record-setting year of data breaches in 2021, year-over-year results indicate cybercrime is continuing at a fast pace to start this year. In fact, Q1 2022, “92% of data breaches in Q1 2022 were due to cyberattacks,” according to the Identity Theft Resource Center. “For the third consecutive year, data breaches increased when compared to Q1 of the previous year.”
There were an “alarming number of data breaches last year due to highly complex and sophisticated cyberattacks that are fueling the dramatic rise in identity fraud,” according to the Center’s 2021 Annual Data Breach Report.
A continuing trend in cyberattacks are phishing and ransomware, which are the top two root causes for data compromises or breaches.
How Can You Protect Your Company with Cyber Liability Insurance?
As the statistics show, cyberattacks are on the rise and these cybercrimes are unfortunately only going to continue to grow. While data breaches cause serious damage to businesses of all sizes, small businesses are especially vulnerable to cyberattacks, since they often lack the resources to properly protect themselves.
When cybercriminals infiltrate a network, hold data hostage, or acquire sensitive data, the company they steal from can be held liable for the incident. A data breach can be incredibly costly for a business. Not only can it result in lost revenue, but it can also lead to lawsuits, regulatory fines, and damage to your company’s reputation.
If your business suffers a loss as a result of a cybercrime, cyber liability insurance can help cover costs, including customer notification, credit monitoring, legal fees, and fines after a business experiences a breach.
BearStar Insurance Services offers personalized service for cyber liability insurance. Our specialists often return quotes the same day for cyber liability insurance thanks to our strong relationships with carriers and underwriters.
Need Cyber Liability Protection? Contact BearStar Today!
Leveraging over 100 years of experience, BearStar Insurance agents have a deep understanding of what California business owners need – and don’t need – when it comes to their insurance coverage.
From cybersecurity, workers’ compensation, general business to contractors insurance, we work with some of the best carriers in the industry to provide you with custom-fitted, comprehensive protection at the best possible price.