“Hackers are breaking the systems for profit. Before, it was about intellectual curiosity and pursuit of knowledge and thrill, and now hacking is big business.” – Kevin Mitnick
Effective use of internet technology has the potential to enhance the customer experience, improve organizational efficiency, and create great cost-saving opportunities. Along with all these benefits comes an ever increasing risk of being the victim of cyber crime.
Total annual cost relating to cyber crime is estimated to be between $375-575 billion. To put that number into perspective, the annual aggregate estimated global damage resulting from vehicle collisions is $518 billion.
In Canada, the cost, as of 2014, is estimated to be between $3-4 billion.
Beyond monetary damage, there are other unquantifiable costs. These costs include loss of reputation, erosion of consumer confidence, loss of sales, and cost of security enhancements.
Being a victim of cyber terror is more debilitating than a fire, liability, and theft. After a fire, a company can still set up a remote office. Some forms of cyber risk leave a company unable to access their files or entire network.
While many businesses still do not have cyber insurance today, within 5 to 10 years it will be uncommon for the serious business operation to not have proper insurance coverage in this area.
There are many aspects of Cyber Risk Insurance. At Bryson Insurance, our team of insurance professionals provide a complimentary risk assessment to assist in identifying cyber risk exposure. Connect with our team of professionals at 1-800-661-5196 or by clicking here to send us an e-mail.