In a recent blog for the on-line publication “Property Casualty 360,” Katherine S. Caudill revealed a host of facts and figures your insureds may be well advised to keep in mind with regard to the potential of data breaches in today’s e-communication world.

In Caudill’s blog she cites reports from the Identity Theft Resource Center indicating 92 million records were exposed from 619 data breaches last year alone.  A total of 84 percent of those events emanated from the business sector.  While those figures are significant, even more alarming is the fact the average cost to affected businesses was $565,020 per incident!

Further, depending on the state in which your insureds are operating, a host of varying requirements could escalate the cost of “clean-up” in the event of a data breach.  From definitions of “personal information” which vary from state to state, to the “who, how and when” of notification requirements, the costs per record relating to such a loss can quickly add up.

Frankenmuth Insurance’s new Cyber Plus endorsement can help ease the burden of a potential cyber liability issue.  With coverage limits of $50,000 to $1 million, and affordable premiums beginning at just $244, your clients will certainly gain peace of mind knowing they are covered in the event they fall victim of this high-tech crime.

A copy of our coverage guide is available through the following link:

Cyber Plus Coverage Guide.pdf (438.61 kb)

You may also wish to contact your Field Manager or Underwriter for additional information.