Your browser (Internet Explorer 7 or lower) is out of date. It has known security flaws and may not display all features of this and other websites. Learn how to update your browser.

X

Navigate / search

Cyber Liability Insurance

SMALL & MIDSIZE EMPLOYERS VERY EXPOSED TO THIS GROWING RISK

Reserve a copy of the 2017 Cyber & Data Risk ReportSmall and midsize employers still appear to be vulnerable to the risks of cyber-crime and data breaches. And organizations are still not doing enough to protect their data or recover from a breach. But there is good news and a strong indication that these organizations are making efforts.

According to MMA’s 2015-2016 Cyber and Data Security Risk Survey Report, 41% of organizations said they have implemented data security insurance coverage, compared to only 33% in 2014.

Those results come from our Annual Cyber & Data Security Risk Survey (the 2017 survey results will be released soon). Our intent was to help small and midsize employers better understand how they compare to their peers around the country in the areas of cyber exposure, adoption of risk management techniques, and their overall understanding of the risk they face.

Download 2015 Cyber Report

While more than half of respondents had no cyber liability, network security liability, or confidential information liability insurance policy in place, 77 percent of those without cyber liability insurance, more than three-quarters had never gotten a quote for cyber liability insurance.

Past MMA Cyber & Data Security Risk Survey Reports


The reasons?

They ranged from an inability to afford the additional cost of insurance (12.4%) to not believing the benefits justified the cost (28.0%) to lack of understanding of the coverage (34.8%).

13.6% believed (incorrectly, which was typical) that another policy covered data security and

10.4% stated that internal disagreements on need for such a policy kept them from investing in one.

While the majority remains uninsured, the number of those with policies has risen every year we’ve done this survey. This may be because smaller and midsize employers are learning that strong cyber liability insurance products go beyond simply providing insurance.

MMA is experienced and knowledgeable on cyber liability risk and the insurance products available to protect you. Our Management Liability Group specializes in this technical and complex business insurance coverage and more.

Cyber hurdle

Learn More


White Papers & Resources


Equifax Cyber Breach - The Equifax incident proves that a cyber breach can happen to anyone. If this sort of widespread breach can happen to a company whose main responsibility is to collect and protect sensitive consumer information, how safe is your organization?

Data Breach Risks During Annual Enrollment - Cybercriminals, identity thieves and hackers are willing to take drastic measures to infiltrate the data-rich annual enrollment process. How can you mitigate this risk?

The Four Myths of IT Data Security - True or False: Data breaches can happen to any company regardless of size or industry.