It doesn’t matter where your company falls on the spectrum of revenue or employee count, cyber protections are going to be key in the coming years. And here’s some data that might be of interest to consider when deciding what steps you’re going to take for cyber security or cyber insurance.
Here’s an article from Tech Crunch talking about how this year, 2023, will be a big year for cyber security. The article goes on to discuss how geopolitical events and supply chain fluctuations have increased the need for cyber security. Later the article states that within 14 days after a breach, the public share average of the affected company declines by 3.5%. Within the year after the breach, companies accrue 50% of the longtail costs of the breach, 31% of costs accrued within the second year after, and 24% accrued more than two years following the breach.
So just because you’ve had a data breach or other cyber attack months ago doesn’t mean you’re out of the woods yet. The costs of these breaches continue like a domino effect, months and years after the initial event occurred. As you’re considering your cyber protection profile, whether it’s cyber defense, cyber insurance, or a combination of the two, also consider that the costs of a breach will linger past the immediate event and how that will impact your future business operations.
Looking for more information?
A cyber liability policy can help cover your business and keep you updated with industry tips like this one. Get in touch with us today to learn more about cyber liability insurance coverage, or set up a no-obligation consultation with a commercial lines expert through TelaClient.com.