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The High Cost of a Corporate Cyber Security Breach for your Florida Business

Sep, 08
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The cost of a cyber security breach for your Florida based business could be massive.

The digital age comes with so many great advances in technology to make our lives and businesses run more smoothly. Unfortunately, nothing is truly safe. No matter how protected you think your business’ systems and networks are, they can fall prey to hackers.

Data breaches and security incidents have become common place and they’re becoming increasingly costly. These breaches can expose personal information. No matter the size of your company, it will be costly for you to do through a data breach. In fact, the average cost of a data breach in 2020 is $3.86 million, according to a report from IBM and the Ponemon Institute.

To break it down further, the average data breach costs a company $154 per record. With a database of just 10,000 clients, you have a potential breach of $1,540,000.00 in a single hack. Is your company ready and prepared for such a breach?

When a data breach occurs, your company will deal with varied direct and indirect costs related to time and effort dealing with the breach, lost opportunities, bad publicity, customer churn, and regulatory fines.

Fortunately, costs can be smaller for those companies who are prepared. An analyst at IBM stated that companies who engage in effective cybersecurity practices are seeing significantly reduced costs and those companies who aren’t preparing are facing higher costs.

It’s not only important to be prepared with the proper cybersecurity, it’s also important to be prepared with cybersecurity insurance. Your company is worth protecting, just like your home or car.

Cybersecurity insurance transfers some of the financial risks of a data breach away from the business and over to the insurer. Cybersecurity insurance typically covers damage to digital assets, business interruptions, network damage and if stipulated, damage to your reputation.

With security breach response coverage, the coverage reimburses the insured for certain costs incurred due to a breach of personal, nonpublic information belonging to their customers or employees. Some carriers provide notification expense on a per individual loss basis, while other carriers provide this expense coverage with an aggregate limit loss.

Looking to protect your business from a date breach? Don’t wait. Protect yourself now with Centennial Insurance Services southwest Florida cybersecurity insurance.

Still have questions? Give us a call and Centennial Insurance Services agents are knowledgeable in the field of cybersecurity protection and know the costs at stake. They get to know your business and care about providing the best advice and insurance packages.

Call today at (239) 247-5125 and we can find the best cybersecurity insurance for your business or visit www.cisinsfl.com to learn more.