No one these days needs to be told that cyber security is an increasing concern. Over half of all small businesses will be affected by a data breach at some point, with each incident costing an estimated $200,000.
Accordingly, many businesses have or are considering cyber liability coverage, but few understand the basics of what that coverage would actually do, if there were a claim.
Peter Westerman of Property Casualty 360 recently explained the process in his article “Cyber insurance claims: What happens when a breach occurs?”
Not only can an advisor from Saginaw Bay Underwriters help assess your risks, determine the right cyber liability coverage and obtain that coverage for you, we also want to make this kind of complex information as clear for you as possible.
Here is a helpful infographic that breaks down Westerman’s article:
Please give us a call to schedule a meeting to begin exploring cyber liability insurance and other ways to protect your company from data threats.