Cyber Liability/Data Breach | Architects and Engineers | Marsh

Cyber Liability/Data Breach | Architects and Engineers | Marsh  

Overview

Cyber security and information protection can be challenging for any company. Cybercrime is expensive, costing victimized organizations about $11.7 million each per year — up 62% from five years ago.

 

Staff members may unknowingly put the business at risk, as 89% of data loss incidents involve authorized users. Phishing and social engineering schemes are becoming more sophisticated to appear like legitimate messages and encourage recipients to click on a malicious link or download virus-laden files.

 

The harm done by a breach is extensive, putting untold dents in customer perceptions and loyalty. Many businesses don’t know how vulnerable they are until it is too late. You want cyber liability/data breach coverage in place because quick action is critical if your business is victimized by a cyber-attack.

What coverage is right for your business?

A Marsh account manager will help assess your business and recommend solutions for new and emerging risks you may face.

FAQs

  • Who needs this coverage?

    Any business who does any of the following is at risk for a cyber-attack:

     

    • Accepts credit cards.
    • Handles or views private information of employees or customers electronically.
    • Has Wi-Fi.
    • Conducts a portion of their business online.
  • Cybercrime only impacts large financial services companies, right?

    While stories about large financial services companies tend to be more newsworthy, small and mid-sized businesses are hit by 62% of all cyber-attacks, and the statistics don't stop there:

     

    • 1 in 5 small businesses become victims of cyber-attacks.
    • 60% of small businesses close within 6 months of being victimized by a cybercrime.