The Cost of Cyber Loss

Ransomware, Funds Transfer Fraud, Malware, and Data Breaches are cyber threats insureds face every day. When prevention fails the cost of cyber loss is extensive.

• Liability Costs - Stolen information that insureds that must safeguard can cause significant financial loss. Liability can also result from malware being uploaded from an insureds system and infecting and damaging other systems.s.
• Investigation Costs - Following a cyber event, forensic reviews are needed to identify the extent of losses and to ensure that the problem has been eradicated. These costs can be extensive and unanticipated following a loss.
• Replacement of Assets - Replacement of actual assets in the case of fraud.
• Loss of Income - When networks and systems are shut down, business stops.
• Fines, Notification and Monitoring Costs - Jurisdictions vary on their requirements for notification following a data breach. Current estimates indicate the cost of monitoring and notification at $148 per impacted record.
• Public Relations Costs - Maintaining customer confidence following a cyber loss can be critical to the future success of an insured.

OIB will provide cyber risk insurance options for your insureds that address their exposures as part of their cyber risk management program.