At a training with the FDIC, Cyber Security was brought up as part of a “hot topic” discussion. While a lot of the elements that were discussed were important, I was surprised that they only spent about 2 minutes discussing Cyber Insurance.
60 percent of small businesses close after experiencing a data breach. They simply cannot afford the financial impact that results from a data breach.
It is for this reason that Cyber Insurance is so important.
If you don’t have a stand alone Cyber Insurance Policy for your business, odds are you do not have either enough coverage or the right kind to keep your business from closing after a data breach.
“There are two types of companies: those that have been hacked, and those that will be.”
Robert Mueller FBI Director 2012