For Agents & Brokers
Almost One-Third of U.S. Businesses Had a Data Breach
Eight in ten spent at least $5,000 to respond, many $50,000 or more
Almost one-third of businesses (29 percent) experienced a data breach in the previous year, according to HSB’s latest cyber survey of business executives, and eight in ten spent at least $5,000 to respond.
Vendors and negligent employees
The HSB survey also found that almost half of the breaches (47 percent) were caused by a vendor or contractor working for a business, followed by employee negligence (21 percent) and lost or stolen mobile devices or storage media (20 percent).
“The results highlight how closely our economy and society are interconnected digitally,” said Timothy Zeilman, HSB counsel and vice president. “Almost all of our personal and business data can be accessible on the Internet through our business connections, websites and social media. And that exposes our private information to attacks by hackers and cyber thieves.”
Data breaches can be expensive
The financial impact of data breaches are considerable: 27 percent of the businesses surveyed around the country by Zogby Analytics for HSB spent between $5,000 and $50,000 to respond and 30 percent spent between $50,000 and $100,000.
They’re distracting and can harm your reputation
A data breach can also be a major distraction, consume resources, and harm a company’s reputation with customers, business clients and the public. Sixty-five percent of the businesses that reported a data breach said the incident had a negative impact on their organization’s image.
More businesses are purchasing cyber insurance
The risk of a data breach or cyber attack has more businesses looking for financial protection. HSB’s survey found 61 percent of businesses purchased or increased their cyber insurance in the past year, and 56 percent of them purchased cyber insurance for the first time.
HSB Total Cyber™ offers a range of coverages
What about your clients? Do they have adequate protection against cyber exposures?
HSB’s Total Cyber™ is a flexible program that can be designed to meet your clients’ needs. It offers a suite of cyber protections for mid-size businesses that includes identity theft, data breach, computer attack, cyber extortion and social engineering.
HSB Identity Recovery for Employees protects workers
HSB Identity Recovery for Employees enables business owners to cover their employees with identity theft insurance and related services, including lost wages, legal fees, case management services, and more.
Find out more