Landing Page - Triple III Explainer

Are you confident your sensitive information—such as social security number, credit card info, or health records—is fully protected online?

Yes

No

Unfortunately, as much as we would like to trust that sensitive information is safe from breaches, bad actors are increasingly taking advantage of gaps in digital security to steal and leverage such information.

Your instincts are right. Bad actors are increasingly taking advantage of gaps in digital security to steal and leverage sensitive information.

If a breach happens, your business will probably be on the hook for costs reaching into the tens of millions, including…

Legal fees Restoring clients'
personal information Repairing digital
infrastructure Recovering
proprietary data

Has your organization relied more on remote work over the past year, with employees sending emails and sharing files from home?

Yes

No

You’re not alone. Ever since the COVID-19 pandemic began, businesses around the world have experienced a sudden shift to remote work.

Working from potentially less secure networks and hardware at home increases an organization’s vulnerability to phishing and hacking.

Your organization is one of a few who have been able to avoid this shift. For many organizations, remote work is a daily reality.

Working from potentially less secure networks and hardware at home increases an organization’s vulnerability to phishing and hacking.

An IBM survey found that remote work was a factor in about 18% of cyber breaches, increasing the time and cost to contain the breach.

An IBM survey found that remote work was a factor in about 18% of cyber breaches, increasing the time and cost to contain the breach.

Cyber has become a primary component of any corporation’s risk-management and insurance-buying decisions. But many policyholders still incorrectly expect to be covered for cyber risk under their property and liability policies.

Does your business have cyber insurance?

Yes

No

That’s great! Your business is taking the right precautions to protect the workplace against cyber attacks.

Let’s take a quick look at how having cyber insurance can be critically beneficial in the event of an attack.

Unfortunately, the consequences for your business can be dangerous. Let’s take a quick look at how the lack of cyber insurance can be costly in the event of an attack.

The financial burden of a cyber breach averages $4.2 million globally and $9.1 million in the U.S. – which would be a catastrophic financial blow.

Next, let's examine a case study for BetterHealth Pharmacy.

BetterHealth Pharmacy was just alerted that a bad actor gained access to its clients' health records and billing information via a phishing email attack.

Use the toggle to see what happens if BetterHealth has or does not have a cyberinsurance policy in place.

Thankfully, BetterHealth had a cyberinsurance policy in place. Their insurer first put them in contact with credit monitoring or identity theft protection partners.

BetterHealth submitted a general liability claim but were informed that a separate cyber insurance policy is needed to cover data breach.

Most states require businesses to notify customers of a data breach.

Most states require businesses to notify customers of a data breach. BetterHealth was forced to hire an outside firm to manage external communications to the affected clients.

BetterHealth submitted a claim through their cyber insurance policy to cover this cost, and mitigated its loss of business through a swift response.

BetterHealth's cyber insurance policy also provided financial assistance to help recover its clients' data, as well as its own.

The cost of recovering client data, as well as your own, averages $161 per record globally across all industries.

Once the dust settled, BetterHealth's cyber insurance policy was used to cover the cost of repairing its damaged computer systems and digital infrastructure, saving them thousands of dollars.

After weathering the cost of data recovery and a widespread communications effort, BetterHealth lacked the funds needed to repair its damaged computer systems and digital infrastructure, forcing them to fold.

The odds of a cyber attack against your business are growing, and the costs associated with a breach are higher than ever. Do you know approximately how many businesses carry some level of cyber insurance?

20%

50%

80%

That’s right! According to a 2020 survey, nearly 80% of businesses carried some level of cyber insurance, up from just 34% in 2011, and 55% of respondents with cyber coverage had a stand-alone policy.

Not quite! In fact, according to a 2020 survey, nearly 80% of businesses carried some level of cyber insurance, up from just 34% in 2011, and 55% of respondents with cyber coverage had a stand-alone policy.

The increasing risk of cyber attacks is forcing the cost of cyber insurance up. As businesses improve their cyber defenses, insurers can help keep cyber insurance affordable for everyone.

Decision makers still need to better understand the risks, how to mitigate them, the available insurance products, and the limits to those coverages.

Insurers and policyholders need to be partners in mitigating risk by improving data hygiene and clarifying what's covered under cyber insurance.

Click here to learn more.

Cyber Insurance Interactive Explainer