More than half of all cyberattacks result in financial damages over $500,000, including lost revenue, customers, opportunities and out-of-pocket costs. That’s enough to put an unprepared small- to mid-sized business out of operation.

To select the most comprehensive yet affordable cyber insurance plan for your business, it’s critical to first identify who is accessing your confidential data and how they’re accessing it, as this information will largely dictate how your cyber insurance policy is outlined. Ensure your effective policy includes these six key components. 

It’s been nearly two years since we addressed cyber insurance in the Cyber Tactics column, so I decided to get an update from Bob Parisi, Managing Director at Marsh.

This fall, the Ponemon Institute released its Fourth Annual study, Is Your Company Ready for a Big Data Breach? on data breach corporate preparedness, which revealed that 52 percent of companies experienced data breaches just this past year alone.

British Airways chief executive Alex Cruz described the breach as a “sophisticated, malicious criminal attack” and promised financial compensation to customers affected.