In today's digital world, cyber attacks are not a matter of if, but when. Without cyber liability insurance, the costs of a data breach can threaten your business's survival.
The True Cost of a Data Breach
- Notification costs — You're legally required to notify affected individuals
- Legal fees — Lawsuits and regulatory actions can be extremely costly
- Regulatory fines — HIPAA, PCI, and state regulations carry significant penalties
- Business interruption — Downtime during recovery means lost revenue
- Reputation damage — Customer trust is difficult and expensive to rebuild
- Credit monitoring — You may need to provide monitoring services to affected individuals
Average Costs
The average cost of a data breach for small businesses exceeds $100,000, and many small businesses that suffer a significant breach go out of business within six months.
Cyber liability insurance from BlackArrow can protect your business from these devastating costs.
