Did you see the recent headline about Kmart – another data breach!

Data breaches and cyber attacks are becoming more common and have increased 42 percent in the last year alone. All industries are vulnerable to a data breach or cyber attack, including education, financial services, nonprofits, professional services, manufacturing, hospitality and retail sectors.

The average cost of a data breach has risen to $5.4 million and includes costs related to business disruption, revenue loss, equipment damages, legal fees, public relations expenses and forensic analysis, as well as notification costs that are legally mandated in 47 states. When your business experiences a data breach, the costs associated with that breach average $188 per compromised record. Unless you secure a dedicated cyber policy, your business is not likely to have adequate insurance coverage.

Contact your agent today to make sure you are covered!

*This information was provided by an affiliate.