Why You Need Cyber Insurance and What You Should Know
The Memphis Business Journal has an article out today on the importance of cyber insurance. They quote some recent statistics that are quite sobering:
Three thousand, eight hundred thirteen (3,813) — that’s the number of reported data breaches tracked through June 30, 2019, putting 2019 on track “to be the worst year on record for data breach activity,” according to the 2019 MidYear QuickView Data Breach Report conducted by Risk Based Security.
This is an increase of 54% over 2018 figures during the same time period.
The average cost of a data breach last year hit $8.19 million. In this high-tech era, all businesses are at risk of a data breach.
So, how can you protect your business from these breaches? One way is through cyber insurance.