Cyber Liability

Cover your business' liability for a data breach and other cyber crimes by getting help with legal expenses, notifying customers, restoring personal identities and recovering compromised data
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1. Cyber Risk Quantification

It is difficult to provide a general rule on risk quantification as each company is unique in its risk profile and potential for loss. The average ransomware payment in 2021 was $570,000 up from $312,000. It is also noted that that some hacker gangs are focusing on small businesses with demands of $10,000 to $50,000. While that might seem small, the amounts are equivalent to average annual income in their host countries per successful attack. 

Small businesses saw a dramatic increase in frequency of funds transfer fraud - or social engineering. Overall, a 54% increase was observed in 2021 versus the prior year with an average loss in excess of $300,000.

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Cyber Risk Quantification

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