The almost inevitable possibly of a cyber data beach is more prevalent now than ever. In a survey conducted by Poneman Institute with Hewlett-Packard, the average cost of responding to a cyber attack for United States companies has gone up a staggering 96% in the last five years. Some shocking survey stats are that the companies endure an average of 138 successful attacks per week & it takes approximately 170 days to detect an attack & 45 days to resolve it, costing nearly $1.6 million to the company.
5 Questions to ask about your companies policy on cyber liability are:
1. How should companies conduct an audit to determine susceptibly to a cyber risk?
2. Companies experience cyber attacks daily without incident, but should leadership be notified every time a network has been breached no matter how minor?
3. What are some cyber security industry standards and best practices?
4. What are four key elements of a comprehensive incident response plan?
5. How do you determine how much insurance your company needs?
For more information on what kind of cyber insurance policy works best for your company, please contact Fidens today.