EPIC Insurance Brokers & Consultants launched a cyber risk and insurance platform for small and mid-sized businesses (SMBs).
The initial offering of EPIC's Financial Risk Solutions Specialty Group, the EPIC Cyber Risk Insurance platform offers comprehensive, customized, cost-effective coverage from leading industry underwriters. Pricing indications are simply and securely available online, through the EPIC Cyber Risk Insurance portal.
EPIC CEO John Hahn said: "All businesses increasingly rely on information technology and the Internet and the threat of cyber-attacks and breaches are real and on the rise.
"It is no longer a question of if, but rather when one will be targeted. We are pleased to have experienced Cyber risk experts on our Financial Risk Solutions Resource Group, who can deliver a full range of products and services to mitigate and manage the growing cyber liability exposures that businesses face."
Here are some of the staggering statistics business owners should keep in mind when considering whether to purchase cyber liability coverage:
- 50% of Cyber-attacks target businesses with less than 1,000 employees
- It takes the average company 205 days to detect an intrusion (nearly 7 months)
- 69% of companies learn they have been breached through a third-party (often a client)
- 700 million records were compromised in 2015
- The estimated average cost of a data breach in 2016 now tops $4m
- Despite these threats, 75% of small and mid-sized businesses have no coverage.
In addition to state of the art insurance protection, in the event of a data breach the Financial Risk Solutions team works closely with EPIC clients to help manage the costs associated with investigation, response, regulatory inquiries, lawsuits and reputational fallout that are all a part of the cyber breach response process.