Frequently Asked Questions

Business Insurance: Liability

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Answers: What do you know about cyber security?

How much do you know?

To help you understand he importance of cyber liability and data breach coverage, we've shared a quiz for you about Cyber Security issues. 

  1. More than 50% of all small U.S. businesses have reported cyber attacks. TRUE. According to the 2017 Symantec Internet Security Threat Report, 55% of small business owners experienced a cyber attack in the past 12 months.
  2. Only 48 states require notification of security breaches involving personally identifiable information. TRUE. As of April 2017, 48 states have legislation requiring security breach notifications.
  3. Large government agencies are the most common targets for cyber crime. FALSE. Unfortunately, no business, regardless of size or industry, is safe from cyber crime. From health care providers to academic institutions, every organization should be prepared.
  4. 95% of all data breaches result from criminal or malicious attacks. FALSE. While it’s true that half of all incidents are criminally related, 25% are caused by employee negligence and 28% result from system or IT glitches, according to a 2017 Ponemon study.
  5. The average number of days it takes an organization to identify a data breach is 30. FALSE. According to a 2017 Ponemon study, it takes organizations an average of 191 days to identify a data breach. Other costs that a business owner might incur after a breach can include Notification of affected customers; Credit or Identity Monitoring services; Public Relations fees; Legal Defense costs; and Regulatory penalties or proceedings.

Want to make sure you have this coverage?

Contact your agent to make sure you have this coverage on your commercial insurance policy. 

As a business owner, you may have learned the risks associated with computer security and data breaches the hard way. Don’t find yourself unprotected; learn what to do when your business becomes exposed to a cyber attack or data breach.

Find out more information on the Liberty Mutual cyber risk infographic here.

Source: Liberty Mutual Cyber Quiz

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The content of FAQ articles are general in nature and are not intended as a substitute for professional legal, financial, or insurance counsel for individuals. Insurance coverage forms vary by issuing company and by state. For specific advice contact us.

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