Cyber Liability
Understanding the evolving market dynamics and cyber risk landscape has never been more essential.
- For the 14th year, the United States had the highest average data breach cost: $9.36 million
- Industry: Financial firms had the second highest breach cost of any industry: $6.08million
- Share of breaches involving customer personal data: the most common type of data stolen or compromised was 46%
- Per record cost of a data breach : $179
Source: IBM Cost of a Data Breach Report 2024
Protecting your firm against the costs of cyber incidents makes good financial sense. Bankers Insurance Service’s Cyber Liability and Breach Response Insurance provides coverage and protection against data breach incidents.
Available Features Include:
- Insures against theft, loss, or unauthorized disclosure of customers’ personally identifiable non-public information
- Protection and assistance to comply with breach notification laws
- Separate limits of liability to cover: cost to determine the cause of the breach, attorney’s fees to comply with applicable Breach Notice Laws, and costs for ongoing credit monitoring
- Covers public relations and crisis management expenses
- Fills cyber liability coverage gaps in existing property, general liability, professional liability, directors and officers, and employment practices policies
*2017 Cost of Data Breach Study, Ponemon Institute© Research Report, June 2017