Do You Really Need Cyber Liability Insurance? – Forbes

A recent survey by Chubb Group of Insurance Companies found that 65 percent of public companies forego cyber insurance – even though they identify cyber risk as their number one concern. Meanwhile, a quarter of those surveyed are expecting a cyber breach in the coming year, and 71 percent have cyber breach response plans in place.

Ostensibly, high-profile and high-risk companies may appear to be at greater risk, but small-to-medium sized businesses are not immune. According to a recent study by the U.S. Secret Service and Verizon Communications, Inc., over 72 percent of all data breaches occurred in SMB businesses. The average cost of a breach? Over five million dollars, according to most financial analysts. Bottom line is we are all at risk.

via Do You Really Need Cyber Liability Insurance? – Forbes.